Quint Digital Ltd signs definitive stock purchase agreement with Lee Enterprises Inc. for an equity investment via Private Placement

Quint Digital Limited (QDL), India's leading media-tech company, is pleased to announce that it has entered into a definitive stock purchase agreement with Lee Enterprises Inc. (LEE), a major subscription and advertising platform and a leading provider of local news in US, for participation in a private placement offer aggregating to $ 50 Mn.

This strategic investment is led and backstopped by Anchor Investor David Hoffmann, who has committed approx. $ 35 Mn, along with participation from existing investors, including QDL. QDL has committed an investment of approx. $ 7.97 Mn at an investment price of $ 3.25 per share. Post the completion of the transaction, QDL's stake in LEE will increase to 14.85%.

Subject to customary closing conditions and stockholder approval, LEE expects to receive the full $50 million of gross proceeds at the closing of the transaction, before transaction expenses.

Shares of Quint Digital Media Ltd was last trading in BSE at Rs. 34.53 as compared to the previous close of Rs. 34.99. The total number of shares traded during the day was 3357 in over 41 trades.

The stock hit an intraday high of Rs. 35.17 and intraday low of 33.54. The net turnover during the day was Rs. 115106.00.

Source : Equity Bulls

Keywords

QuintDigitalMedia INE641R01017 Publishing