wordpress blog stats
Connect with us

Hi, what are you looking for?

DB Corp To Buy Out Stake In IMCL & SMEL For Rs 37.97 Crore

DB Corp, publishers of the newspaper dailies Dainik Bhaskar, Divya Bhaskar, Saurashtra Samachar and Dainik Divya Marathi, have informed the BSE that it will be acquiring the remaining shares of its two subsidiaries - I Media Corp Ltd (IMCL) and Synergy Media Entertainment Ltd (SMEL) from existing shareholders for Rs 37.97 crore, so as to make them wholly owned subsidiaries of the group. The group stated that it will be paying Rs 35.6 crore to acquire 45% stake in IMCL and an additional Rs 2.37 crore to acquire 43.10% stake in SMEL. Prior to this development, DB Corp held 55% stake in IMCL, while Writers & Publishers Pvt Ltd held 40.2% stake in IMCL as of March 2012. DB Corp also held 56.82% stake in SMEL as of March 2012, as indicated by DB Corp's 2012 annual report (zip file). IMCL is the digital arm of DB Corp and manages the group’s website and mobile properties which includes group portals like Indiainfo.com, dainikbhaskar.com, divyabhaskar.com, dailybhaskar.com, divyamarathi.com, myfmindia.com and mobile properties like 54567 which allows users to send messages consisting of images, audio, text and video. For the year ended March 31, 2012 (FY12), the company had posted a total loss of Rs 6.55 crore, a significant  28.41% reduction from Rs 9.15 crore loss in FY11 and total revenues of Rs 6.99 crore, a 130.7% growth from Rs 3.03 crore revenues in FY11. On the other hand, SMEL manages the radio channel MY FM and claims to have operations across 17 cities in seven states including Jaipur, Jodhpur, Udaipur, Kota and Ajmer in Rajasthan; Jallandhar and Amritsar…

Please subscribe/login to read the full story.
Written By

Free Reads

News

With GPS in every car, India's toll collection is going high-tech.

News

Google is currently undergoing the necessary procedures for the leasehold land, which is presently under the ownership of the Maharashtra Industrial Development Corporation.

News

The pilot project for which is being launched in 19 cities this year, with a plan to launch a full-fledged rollout next year.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ