Raghav Bahl transfers Quint’s operations under Gaurav Mercantile; also owned by him

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Updated: May 07, 2020 12:28 PM

Raghav Bahl and Ritu Kapur, the promoters of Gaurav Mercantile, collectively own 66.42% of the share capital as per official documents

News website ‘The Quint’ has been acquired by the Gaurav Mercantile, owner of Haldiram, for a lump-sum purchase consideration at an enterprise value of Rs 30.58 crore. News website ‘The Quint’ has been acquired by the Gaurav Mercantile, owner of Haldiram’s, for a lump-sum purchase consideration at an enterprise value of Rs 30.58 crore.

Raghav Bahl transfers his digital content business ‘The Quint’ shares to Gaurav Mercantile which is collectively owned by Raghav Bahl and his wife, Ritu Kapur, as per official documents which BrandWagon online has access to. Bahl and Kapur, the promoters of Gaurav Mercantile, collectively own 66.42% of the share capital and are the ultimate shareholders of Quintillion Media Private Limited.

News website ‘The Quint’ has been acquired by the Gaurav Mercantile, owner of Haldiram’s, for a lump-sum purchase consideration at an enterprise value of Rs 30.58 crore. In a disclosure to BSE, Gaurav Mercantile said this is a related party and the acquisition will be a going concern on a slump sale basis for a lump-sum consideration. The acquisition is subject to the approval of the shareholders.

Additionally, Mohan Lal Jain, promoter of Gaurav Mercantile Limited, is a director on the Board of the holding company of Quintillion Media Private Limited, the filing said. The transaction is being entered at arm length based on a fair valuation report of an independent valuer, supported by a fairness opinion from a Category — 1 Merchant Banker registered with the Securities and Exchange Board of India.

The lump-sum purchase consideration will be at an enterprise valuation of Rs 30.58 crore and an equity value of Rs 12.62 crore, adjusted in accordance with the terms of the draft Business Transfer Agreement (including closing adjustments), based on the fair valuation report of an independent valuer.

The Board of Directors approved the proposal to increase the borrowing powers of the company and for creation of charge or mortgage or hypothecation against the assets or properties of the company up to Rs 100 crore in accordance with the provisions of Section 180 of the Companies Act, 2013, subject to the approval of the shareholders.

Quintillion Media Private Limited is a private limited company engaged in the business of owning and operating diversified digital content platforms. Quintillion Media Private Limited presently operates digital content platforms under the following names- ‘The Quint’, ‘The Quint Hindi’ and ‘FIT’.

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