Sahara One Media & Entertainment Ltd has sold 14.98 per cent equity shares to C Sivasankaran, promoter of Aircel. This is the second recent stake sale by Sahara after February 2006, when it sold 6 per cent stake to Bennett Coleman and Company Ltd (BCCL).
The company informed the BSE that the Board of Directors at a meeting held on April 10, 2006 had approved the proposal, subject to the final approval of shareholders. Sahara will issue 3,225,000 equity shares of Rs 10 each at Rs 372 per share to Aircel Televentures Ltd on preferential basis.
The Board of Sahara One has also approved the calling of an extraordinary general meeting of the company on May 8, 2006 to accord the consent of shareholders to issue equity shares to Aircel on a preferential basis.
The stake sell to BCCL had put the company’s valuation at around Rs 629 crore.
Sahara recently launched its movie channel, Filmy, and has declared the launch of a music channel soon.
Sivasankaran has made an exit from his telecom company Aircel by selling it to Malaysian telecom operator Maxis. His Sahara venture is seen as part of his plans to be a bigger player in the media and entertainment industry.