Gaurav Mercantiles Ltd, in which Haldiram Snacks has stakes, is acquiring Quintillion Media Pvt. Ltd, which owns The Quint — two digital news websites in English and Hindi.
According to a report, Quintillion Media’s decision to sell The Quint comes after it was reported that the BloombergQuint will shut down its television division because it failed to get a broadcast license from the Ministry of Information & Broadcasting.
But, the business news website — BloombergQuint, which is a joint venture project with Bloomberg LP, will continue its operations.
Gaurav Mercantiles Ltd will acquire Quintillion at an enterprise valuation of Rs 30.58 crore and an equity value of Rs 12.62 crore, the report said.
Interestingly, it was reported that in July 2019, Raghav Bahl along with wife Ritu Kapur had acquired majority stake in Gaurav Mercantiles Ltd.
Raghav Bahl and wife Ritu Kapur, as per reports, holds 66.4 per cent stake in Gaurav Mercantiles Ltd.
The company was floated in May 1985 with the primary profile of a legal, accounting, book-keeping, auditing activities, tax consultancy, market research, public opinion polling and management consultancy.
Earlier, Raghav Bahl had sold his TV ventures to Reliance Industries Limited, owned by Mukesh Ambani.
As per the report, Gaurav Mercantiles Ltd will now change its name and shift its registered office from Mumbai to the NCR, where Quintillion is based.