DB Corp Ltd, publisher of the Hindi daily Dainik Bhaskar, is selling its entire 51 per cent stake in Bhopal-based Divya Prabhat Publications Pvt Ltd (DPPPL), which publishes a Hindi eveninger Prabhat Kiran from Indore, as per a stock market disclosure.
The firm did not disclose the name of the buyer or the deal amount.
The company said it is exiting from Prabhat Kiran as part of its corporate restructuring. After the completion of all documentation, DPPPL will no longer remain a subsidiary of DB Corp.
Founded in 2006, DPPPL is engaged in newspaper printing and publishing business. In October 2011, DB Corp acquired 51 per cent stake in DPPPL for Rs 1.20 crore from Sudhir Agarwal, one of the promoters of DB Corp.
DPPPL had revenues of Rs 5.2 crore for the year ended March 31, 2013, down from Rs 5.3 crore in the previous year. Its net profit almost halved, from Rs 9 lakh to Rs 5 lakh.
DB Corp scrip last traded at Rs 233.45 a share, up 1.32 per cent on the BSE in a strong Mumbai market on Thursday.
DB Corp (formerly Multi-Tech Energy Ltd), a part of the Dainik Bhaskar group, is into publications, advertisements, event management and wind energy. The company publishes seven newspapers (with 64 editions) in four languages (Hindi, Gujarati, English and Marathi) across 13 states in India. DBCL also has radio licences for 17 stations under the brand name My FM.
In January this year, the firm sold its 49 per cent stake in Hathway Bhaskar Multinet Pvt Ltd to Hathway Cable and Datacom Ltd.
Earlier, Nalanda Capital picked up a minority stake in DB Corp through stock market purchases.
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