C Sivasankaran, former promoter of telecom company Aircel, has decided to pick up nearly 15% stake in Subroto Roy-promoted Sahara One Media & Entertainment for nearly Rs 120 crore. Sahara One informed the Bombay Stock Exchange today that it would offer 32.25 lakh shares on prefrential basis to Sivasankaran for Rs 372 per share when compared with today's closing price of Rs 370.Apart from the fund requirement to meet the company's growth needs, the Sahara group, the company's promoter, is required to bring down its stake in Sahara Mass Communication from 96% to at least 75% in accordance with the proposed guidelines of the Securities & Exchange Board of India, which call for at least 25% free float in a company.Earlier this year, Sahara One sold 6% stake to Bennett, Coleman & Co (BCCL), publishers of the Times of India and the Economic Times, forRs 37.84 crore.
