Top Story

e4m_logo.png

Home >> Media – Print >> Article

Times sells 3.26% in Mid-Day

08-March-2005
Font Size   16
Times sells 3.26% in Mid-Day

The Bennett, Coleman & Co Ltd media conglomerate that owns The Times of India, The Economic Times, and other newspapers and magazines, offloaded a 3.26 per cent equity stake in Mid-Day Multimedia, owner of Mumbai's leading afternoon daily Mid-Day, a day after the Indian Express Ltd, the promoter of the Indian Express newspaper chain, picked up a 10 per cent stake in Mid-Day.

Banhem Financial & Investment Consultants, a Bennett, Coleman investment company, informed the stock exchanges today that it along with Dharmayug Investments Limited, persons acting concert with it, had sold 13,88,313 shares of Mid-Day Multimedia in the secondary market on March 4.

The shareholding of Banhem Financial & Investment Consultants along with Dharmayug stands at 22,95,466, equivalent to a 5.39 per cent stake in Mid-Day, after this sale. A source at Bennett, Coleman declined to comment on the sale.

Market analysts said the Bennett Colemann group made a profit of Rs 6.83 crore by selling 1.3 million shares of Mid-Day Multimedia. On March 4, the market price of the Mid-Day stock was Rs 83.05. The shares were bought at an average of Rs 33.90 in the end of October 2004.

The offloading of Mid-Day shares by Bennett, Coleman came a day after the Ansari family, promoters of Mid-Day, agreed to sell a 10 per cent stake to the Indian Express Ltd at a considerable discount to the market price. The shares were sold at Rs 60 a piece, against the closing price of Rs 93.50 on that day on the Bombay Stock Exchange.

Industry sources said Mid-Day's promoters sold the shares to the Indian Express Ltd to stave off a possible takeover threat from Bennett, Coleman.

A source close to the development said, "Mid-Day's promoters were not comfortable with the fact the Bennett, Coleman was purchasing shares from the open market."

Bennett, Colemann had acquired 3,286,138 shares of Mid Day Multimedia, representing a 7.72 per cent equity stake, for Rs 11.14 crore. Most of the 7.72 per cent stake was the property of broker Ketan Parekh, which was lying with the beleaguered Madhavpura Mercantile Cooperative Bank in Ahemdabad.

Bennett, Coleman bought the shares in two tranches --- 29,56,286 shares for Rs 10.34 crore and 3,29,852 share for Rs 1.12 crore, respectively. J M Morgan Stanley was its merchant banker.

Tags

Kranti Gada joined the family business at Shemaroo in 2006 after a successful stint of over two years in marketing at Pepsi Co. She has been associated with the company for 12 years.

Exchange4media interacted with Jaspreet Chandok, Vice President and Head (Fashion) , IMG Reliance Pvt. Ltd on seamless brands integrations planned for Lakme Fashion Week, walking tall despite blazing trails like GST, demonetization and being a part of the larger cultural space

Their strategy to educate the consumers to make well informed decisions at all stages has worked out well.

Bobby Pawar, MD, CCO - South Asia, Publicis India, talks about his idea of chilling out

WhatClicks promises to be an unbiased, objective, third-party audit firm that will work with advertisers and agencies alike to help build an effective and integrated digital strategy.

V-Guard Industries, a household name for consumer electrical appliances in India, has revamped its logo in order to reflect the strength gained by the brand over the years. The company has also unveil...

The report reveals that there has been nearly 5 times more growth in video consumption in the last 12 months, with 96 percent of all usage being focused on long form video