Raghav Bahl promoted Gaurav Mercantile acquires 'The Quint'

NEW DELHI: Gaurav Mercantile, a company where Raghav Bahl and Ritu Kapur are the promoters, has announced the acquisition of the digital content business, operated under brand name of 'The Quint', from Quintillion Media Private Limited, where also the two are ultimate beneficial shareholders as a related party.

The lumpsum purchase consideration is 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 as a going concern on a slump sale basis for a lump-sum consideration. The acquisition is subject to the approval of the shareholders.

As per the exchange filing, Raghav Bahl and Ritu Kapur are common directors in Gaurav Mercantile and Quintillion Media Private Limited.

In addition, Raghav Bahl and Ritu Kapur, the promoters of Gaurav Mercantiles Limited collectively owning 66.42 per cent of the share capital, are the ultimate beneficial shareholders of Quintillion Media Private Limited.

Also, as a matter of good corporate governance it is also disclosed that 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. (IANS)

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