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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 in Punjab; Ahmedabad and Surat in Gujarat; Indore, Bhopal, Jabalpur and Gwalior in Madhya Pradesh; Raipur and Bilaspur in Chhatisgarh; Chandigarh in Haryana; and Nagpur in Maharashtra.

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SMCL also conducts outdoor events and offers outdoor advertising solutions to brands. It was also looking to enter the exhibitions, conferences and seminars, live music and sporting events business as indicated by the annual report. For the year ending March 30, 2012, SMCL had reported gross revenues of Rs 2.86 crore and a net profit of Rs 28 lakh.

Related:

DB Corp Q2-FY13: Rs 3.1 Cr Internet Revenues; Rs 378.4 Cr Total Revenue
DB Corp FY12: Rs 6.99 Cr Digital Revenues; Rs 6.55 Cr Loss
DB Corp Launches Online Version Of Divya Marathi; 200M Cumulative Page Views

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