Hi,
My understanding from your reads are this that you are considering the same promoter for both Jagran Prakashan and SPML. I think that is the core point for clarification and needed to be delved into the history of Jagran group a little bit. I promise to keep it short. Jagran group was started by noted journalist and nationalist Puran Chandra Gupta (PC Gupta). PC Gupta along with his 4 brothers - Gyan Chandra Gupta, Jay Chandra Gupta and KC Gupta were the co-owners of the trademark of Jagran Group. PC Gupta's family owns 63% in the listed Jagran Prakashan ltd. (JPL). After Puran Chandra Gupta, Narendra Mohan Gupta (his eldest son) took the reigns of the print business and under his leadership JPL became the largest print daily. His eldest son is Sanjay Gupta who is the current CEO of JPL. PC Gupta's second son is Mahendra Mohan Gupta, whose eldest son is Shailesh Gupta (the current independent director of JPL). PC Gupta's 3, 4 and 5th sons viz. Dhirendra Mohan Gupta, Devendra Mohan Gupta and Shailendra Gupta and serving directors of JPL and their base is Uttar Pradesh
Now, PC Gupta's younger brother Gyan Chandra Gupta (GC Gupta) was second after PC Gupta. GC Gupta's family and PC Gupta's family have always had a discord between them. So much so, that GC Gupta's family (elder son Rajendra Kumar gupta, whose daughter Sapna Gupta and son Sanjiv Mohan Gupta) have their base of operations in Madhya Pradesh. Because Jagran Group was formed by 4 brother together (as mentioned above), the other brother used Jagran Group's name but had separate businesses. As per the deal between the two different groups of Gupta family, The GC GUpta family does not hold the right of Jagran name in UP and PC Gupta family does not have a right of Jagran name in MP. Which is the reason now you would appreciate as to why JPL had to buy Nai Dunia in MP (ex. Bhopal), instead of having a deal with GC Gupta family to take over Dainik Jagran paper in MP. Yes you read it correct, there is Dainik Jagran present in MP but it is not a part of JPL.
Re-iterating, broadly 2 companies were created - (1) Jagran Media Network, the holding company of Jagran Prakashan Ltd. (listed) in which PC Gupta family owns 63% and Blackstone holds 12.83% of post issue capital of Jagran Media Network. and (2) Jagran Publication Pvt. Ltd. (JPPL). 15% stake of JPPL is held by Sanjiv Mohan Gupta, 60% total is held by GC Gupta family (incl. Sanjiv Mohan Gupta's stake) and some 10lac shares are held by PC Gupta family. JPPL holds the publishing rights of Dainik Jagran (DJ) in Bhopal and Rewa in MP.
AFter years of legal disputes between the family, in March 2005 a kind of peace agreement was signed b/w JPL and JPPL. As per the agreement and I quote - "JPPL (GC Gupta family) will not undertake publication of any newspaper with the name Dainik Jagran or any other similar name or any combination thereof from any place including Meerut and Dehradun and any newspaper in Hindi from the states of UP, Uttaranchal, Haryana, Bihar, Jharkhan and Punjab."
The GC Gupta family are promoters of following listed companies - Trilogic Digital Media (owns Jagran Music), Jagran Production, Luminaire Technologies, Bharat Zinc and a pvt. company called Jagran Social Welfare Society. PC Gupta's family only owns JPL (listed) and its associate companies. Well the fate of most of these companies can be gauged v.easily on your own.
So, the point of all this story is that - just because there is GUpta attached to it, doesn't mean they are the same promoters. Same promoter group YES, but not same promoter. Deal of acquiring SPML from GC Gupta family should not be viewed in context to MBL's IPO. Look at it as a seperate M&A deal, the MBL's IPO may be a part of the deaal acquisition price. A risk if you may for both GC Gupta Family as well as PC Gupta family as No 1 can predict the success of an IPO. With acquisition of Radio Mantra, PC Gupta family gets radio presence in MP (complements with Nai Dunia) without paying an annual license fees to the government for 15 years (Phase III licenses are for 15 years). GC Gupta family bets on successful listing of MBL IPO, make money and do not trouble JPL. The way I see it, it is a sweet deal for JPL's shareholders too. MBL is a strong entity and can leverage its brand name to make Radio Mantra extremely profitable.
Finally to close all this above opinion of mine. On October 4, 2016- jPL posted a scheme of arrangement notice on BSE. Link below
http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/B41E4C28_2EEF_4DDA_9011_562DC6619D1B_164122.pdf
As per this arrangement (you may need to make a flow chart to understand the arrangement better), you will realise that JPL was cleaning up its structure of holdings for its various subsidiaries and making MBL a stronger and more consolidated subsidiary. My sense at that point was that a company will do this kind of re-allignment only if : (1) it needs to sell off its subsidiary. and believe it or not, there were market rumors supporting this theory (http://www.vccircle.com/news/media-entertainment/2016/04/07/exclusive-jagran-prakashan-shed-stake-radio-business) - this idea was fortunately shot down by the promoter on questioning and (2) seperately list its subsidiary. This was a more probable conclusion considering that Mr. R K Agarwal in all analyst conversation was requesting an SOTP basis valuation for JPL's radio business. and was disgruntled by the fact that radio was not getting its due.
Hope it clears a little bit of your doubt. I used a round about way to tackle your problem instead of hitting the nail directly.
Oh yes, whether 265cr was spent by JPL. Sir, have no doubts, most of this has been spent. You may verify from FY2016 annual report (reflects in the capex of the balance sheet) as well as the capex calculated from BS numbers given in 1HFY17 financials. About 15-25cr of the spends are only left to be spent for the radio stations acquired/renewed in Phase III