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DB Corp To Demerge Internet & Mobile Biz From IMCL

DB Corp, publishers of the newspaper dailies Dainik Bhaskar, Divya Bhaskar, Saurashtra Samachar and Dainik Divya Marathi,  plan to demerge the Internet and mobile interactive business of its digital arm I Media Corp Ltd (IMCL) into the holding company DB Corp Ltd, according to the company's annual report FY 12-13 (zip file). The process of demerger is expected to be completed in 2013-2014 and following the demerger, IMCL will continue its events business. IMCL is presently 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. IMCL has recorded a total revenue of Rs 12.2 crores during 2012-2013. IMCL & SMEL Merger: Synergy Media Entertainment Ltd (SMEL) that runs conducts outdoor events and offers outdoor advertising solutions to brands, has also been merged with IMCL with effect from April 1, 2012, based on a judgement passed by High Court of Jabalpur on April 30, 2013, as indicated by the annual report. So the demerger of IMCL would also include SMEL's demerger from DB Corp. It is worth noting that this demerger has been made public less than six months after DB Corp had acquired the remaining stake in IMCL and SMEL from existing shareholders for Rs 37.97 crore, making them wholly owned subsidiaries of the group in December 2012. Prior to December 2012, DB Corp held 55% stake in IMCL, while Writers & Publishers Pvt Ltd held 40.2% stake in IMCL as of March…

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