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Our Bureau

Mumbai , March 3

INDIAN Express has acquired 10 per cent equity stake in Mid-Day Multimedia Ltd for Rs 25.54 crore at Rs 60 per share.

The Goenka-owned newspaper group bought the stake from the promoters of Mid-Day Multimedia, the Ansari family.

The promoters, who held 63.79 per cent stake, sold 42,56,628 shares of the company. Following this deal, their stake will come down to 53.6 per cent, a Mid-day release said.

Outside the promoter family group, the other big stakeholders are Banhem Financial and Investment Consultants Ltd, which holds 7.44 per cent stake, and Mr Rakesh Jhunjhunwala, who holds 5.29 per cent.

Today, the shares of Mid-Day Multimedia ended at Rs 93.50 on the BSE, higher by Rs 13.6 from the previous close.

For the last two years, shares of Mid-day Multimedia have periodically moved up on market talks that the promoters of the media company were selling their stake.

Names of buyers that came up included the Sakal group, the Dainik group and Times of India, among others. Until now Indian Express was not considered a frontrunner for acquiring a stake in Mid-day.

Mid-day Multimedia, which publishes the Mumbai's leading afternoon newspaper, Mid-day, is also present in outdoor advertising, television and radio.

A Mid-Day news release said, "The promoters believe that subject to board approvals, Indian Express and Mid-Day could explore areas of mutual co-operation and enhance shareholder value for their respective businesses."

When contacted, an official at Mid-Day Multimedia said that the details of the co-operation would be worked out at a later stage.

Indian Express, according to media reports, is likely to go for an initial public offering and industry sources said that a part of the proceeds would be used for this acquisition.

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