Diligent Media Corp sells its Navi Mumbai land

Diligent Media Corporation, part of the troubled Essel Group and publisher of DNA newspaper, has sold leased land adjacent to its printing press in Navi Mumbai for Rs 57.32 crore. In line with the no-objection/approval issued by MIDC-the Lessor and the changes in the assignable area (based on MIDC requirement), the company had concluded the above transaction by executing and registering a deed of assignment, assigning the leasehold land to CTRL S (India) Pvt Ltd, Diligent Media Corporation said in BSE filing. The total consideration received for the sale is Rs 57.32 crore, the company added. Diligent Media Corporation said, the land plot measuring 14,533.76 square meters, is located in Navi Mumbai in Maharashtra, housed storage and other facilities incidental to the printing press activities. Last month Essel group's promoter entities sold shares worth over Rs 1,050 crore in six listed group firms in open market between January 25 and February 1, 2019, for paying off lenders who were not part of an agreement to prevent declaration of default on loans against pledged shares.