Mid-day Multimedia settles 2 pc up on BSE

MUMBAI: Shares of Mid-day Multimedia on Thursday settled up 2.53 percent on the BSE, a day after Jagran Prakashan said it would acquire the publications business of the company in a share swap deal.

Shares of Mid-day Multimedia closed at Rs 34.40, up 2.53 percent on the Bombay Stock Exchange. During the day, the scrip surged 7.89 percent to touch-an intra day high of Rs 36.20.

Mid-Day Multimedia's (MML) publications business comprises afternoon newspaper 'Mid-Day' -published from Mumbai, Pune, Bangalore and Delhi- as well as the 'Sunday Mid-Day', Gujarati Mid-Day and Urdu newspaper, 'Inquilab', along with its website, mid-day.com.

However, the 30-share benchmark index Sensex settled 100.43 points down, or 0.59 percent, at 16,987.53 points.

On the National Stock Exchange, the stock settled at Rs 34, up 2.39 percent.

A total of 10,756,169 shares of Mid-day Multimedia changed hands on both the bourses.

A similar rally was also seen in the stock of Jagran Prakashan, which settled at Rs 115.10, up 0.04 percent on the BSE, while on the NSE, the stock closed 0.61 percent down at Rs 114.60.

Under the agreement, Mid-Day Multimedia shareholders will receive two shares of Jagran Prakashan of Rs 2 each for every seven shares of Rs 10 each held in MML.