Sahara One Media and Entertainment Ltd said on Monday Aircel Televentures would acquire its 14.98 per cent stake for Rs 119.97 crore (Rs 1.19 billion).
The board of directors at its meeting on Monay, have approved the issue of 3225,000 equity shares at Rs 372 per share to Aircel Televentures on preferential basis, subject to shareholders approval, the company informed 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.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group