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DB Corp to consider upping ceiling on foreign shareholding
MUMBAI: DB Corp Ltd is planning to increase the ceiling on the company’s foreign shareholding from 20% to 26%, as allowed by the government for radio and print companies.
The company’s board will meet on 20 May to consider and approve this proposal.
The board will also consider and recommend a final dividend, if any.
DB Corp Ltd is the only newspaper group which has presence in 14 states, in four different languages—Hindi, Gujarati, Marathi and English.
It is one of the largest print media companies in India, publishing 40 editions of Dainik Bhaskar (Hindi daily), seven editions of Divya Bhaskar (Gujarati daily), seven editions of Divya Marathi (Marathi daily), one edition of DB Post (English daily) and 206 sub-editions in four languages (Hindi, Gujarati, Marathi and English) across 14 states in India.
Warburg Pincus, a leading private equity investor, acquired a 7.14% stake in the company in 2006 and has a nominee director on DB Corp’s board.