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Shareholders and Creditors of Jagran Prakashan Ltd (JPL) have approved the proposed acquisition of the print operations of Mid-Day Multimedia.

In a filing with BSE JPL informs, “The resolution for the approval of the Scheme of Arrangement between Mid-Day Multimedia Ltd. (Transferor Company) and Jagran Prakashan Ltd. (Transferee Company) and their respective Shareholders and Creditors was unanimously approved by both the Shareholders and the Creditors with requisite majority.”

JPL announced the arrangement for acquisition of Mid-Day Multimedia’s print and new media operations in May this year. These included the afternoon tabloid MidDay, Sunday Mid-Day, Gujarati Mid-Day and the largest read Urdu newspaper in the country, The Inquilab along with their related online properties.

The deal as agreed will be a share swap arrangement with no cash transaction.

ALSO READ: Mid-Day Multimedia's newspaper biz bought by Jagran Prakashan