Amar Ujala plans another IPO to raise about Rs 450 crore
MUMBAI: Amar Ujala Publications, which publishes Hindi daily Amar Ujala in six northern states, is making a second attempt to raise funds through the primary markets. People close to the development said the company is aiming to raise about Rs 450 crore through an initial public offer (IPO).Amar Ujala’s earlier attempt to bring an IPO in 2010 had failed, which led private equity major DE Shaw drag the company to the Company Law Board (CLB).
DE Shaw, which is an investor in Amar Ujala, had planned an exit through the IPO.”This time, it could be a different story altogether,” said a person directly involved in the process. “The Maheshwari family has bought over the stakes of other investors and has consolidated the brand in the last two years. They have also made some high-level appointments and are betting big on diversified business fronts that has improved profitability,” this person said on condition of anonymity. An email query sent on Friday to Rajul Maheshwari, managing director at Amar Ujala Publications, remained unanswered till the time of going to press.
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