DB Corp selling stake in Hindi newspaper Prabhat Kiran

Fri Jun 28, 2013 3:43pm IST

Related Topics

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.

-- Copyright 2013 VCCircle.com. All rights reserved. This content/article is provided by Mosaic Media Ventures Private Limited and not by Reuters. All rights, including copyright, in this content/article provided by VCCircle.com are owned or controlled by Mosaic Media Ventures Private Limited. The content may not be copied, broadcast, downloaded and stored (in any medium), transmitted, adapted or changed in any way whatsoever without the prior written permission of Mosaic Media Ventures Private Limited.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Monetary Policy

REUTERS SHOWCASE

Monetary Policy

Monetary Policy

Fed renews zero rate pledge, but hints at steeper rate hike path.  Full Article 

Eyeing Stocks

Eyeing Stocks

Interview - EPFO chief urges green light to buy stocks  Full Article 

Stimulus Reports

Stimulus Reports

China cenbank injects $81 bln into major banks to support economy - reports  Full Article 

Ranbaxy Investigation

Ranbaxy Investigation

Ranbaxy says U.S. authorities seek information on pricing data.  Full Article 

E-Commerce

E-Commerce

Tiger Global leads $60 million investment in Quikr.  Full Article 

Monsoon Update

Monsoon Update

Delayed retreat of monsoon rains to start this weekend  Full Article 

Financing Deal

Financing Deal

IndiGo agrees $2.6 billion aircraft finance deal with China's ICBC  Full Article 

Grim Outlook

Grim Outlook

Sony deepens loss estimate on struggling smartphone business  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage