Promoters of Amar Ujala group are on course to buy the stake of PE firm DE Shaw.

This would be part of the Supreme Court’s direction to the company to buyout the PE firm’s stake as it was seeking an exit from past two years given a scuffle between the two.

The company plans to sell this stake to a new investor later.

DE Shaw had invested R117 Cr in the company in 2007 for 18% stake and later issues emerged between the two over foreign investment rules.

However, in a Supreme Court decision earlier this month, the Zee Group has attained a stay order from the Delhi High Court on any probable sale of stake by the promoters in the company.

Zee Group alleges that AUPL’s promoters signed a MOU to sell Amar Ujala to them but later reneged.

Amar Ujala is a regional daily in Hindi circulated across Chandigarh, Haryana, Himachal Pradesh, Jammu and Kashmir and U.P among other states.

The group has also expanded into consumer magazines and books publishing business. It is privately owned by the Aggarwal and Maheshwari family.

In the space India Cements was planning to sell stake in Jagati Publications, owned by Y Jagan Mohan Reddy. Adtiya Birla Group was planning to acquire 26% stake in Living Media India, which owns the India Today group of publications.

In July Asianet News Network acquired 51% in Kannada Prabha Publications to expand its footprint across television, internet and print.

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