June 01, 2010
Mid-Day Multimedia Ltd recently announced the demerger of its print business
Mid-Day Multimedia Ltd ("Mid-Day") recently announced the demerger of its print business with Jagran Prakashan Limited ("Jagran") for a total consideration of around INR 2 billion. Mid-Day has, inter alia, MiD DAY, Sunday MiD DAY, Gujarati MiD DAY, the largest read Urdu newspaper in India -- The Inquilab and the website mid-day.com. Jagran is India's leading media and communications group, with the group's flagship brand, Dainik Jagran, being the most widely read newspaper in India with a total readership of approximately 54.2 million.
We, at Nishith Desai Associates, acted as legal and tax counsel to Mid-Day for this transaction.