Sahara One to sell 14.98% stake to Aircel

MUMBAI: Subrato Roy's Sahara group on Monday annouced selling of about 15 per cent equity in its media and entertainment company Sahara one to Aircel Televenture for Rs 119.97 crore.

The decision to divest 14.98 per cent equity was taken at the company's board meeting held on Monday, a Sahara Group spokesperson said.

The deal comes close on heels of six per cent divestment in the company to Bennett and Coleman.

Following the decision, promoters equity in Sahara one would be reduced to 73 per cent and the deal had put the valuation of the company at over Rs 800 crore.

The remaining six per cent equity is with public, the spokesperson said adding that Aircel was acquiring the equity after recognising Sahara one's potential in movie and television business.

The proceeds of the divestment would be plouged back in the company for expansion in the busines of movies, television and entertainment.

According to sources, Sahara one considered the proposal for divestment on account of market regulautor SEBI stipulation to bring down promoters equity in a listed company to below 80 per cent.

The board of directors have approved the issue of 32.25 lakh equity shares at Rs 372 per share to Aircel Televentures on preferential basis, subject to shareholders approval, the company infomed the Bombay Stock Exchange.

The company would convene the extraordinary general meeting of the shareholders to get their consent for issuing shares to Aircel Televentures, it said.