 "FM Radio")
TV Today Network hits 52-week low of Rs 250, down 5% on the BSE in early morning trade after the company said it would not sell its three radio FM stations to Entertainment Network India Ltd (ENIL) and would reorganise the radio business.
“The Committee of Senior Officers in their meeting held on December 19, 2016 has approved the intimation of procedural modalities w.r.t proposal of migrating its Radio business from Phase-II to the FM Radio Phase III, that would enable the company for re organization of its Radio business in accordance with the approval accorded by the Board of Directors,” TV Today Network said in a statement.
"Consequently, the company shall not undertake the agreement to sell, which was entered into with ENIL, for the sale of the three Metro FM Radio stations as was earlier approved by the board in its meeting held on November 13, 2015," it added.
The company has proposed "grant of permission agreement for the migration of the three FM Radio stations to phase III" if it gets MIB nod for that.
"The migration fee will involve a total net capital expenditure of Rs 71.36 crore excluding other charges/interest and will be completed within 3 months," it added.
At 09:57 am; the stock was down 4% at Rs 252 on the BSE as compared to 0.14% rise in the S&P BSE Sensex. A combined 77,843 shares changed hands on the counter on the BSE and NSE.
“The Committee of Senior Officers in their meeting held on December 19, 2016 has approved the intimation of procedural modalities w.r.t proposal of migrating its Radio business from Phase-II to the FM Radio Phase III, that would enable the company for re organization of its Radio business in accordance with the approval accorded by the Board of Directors,” TV Today Network said in a statement.
"Consequently, the company shall not undertake the agreement to sell, which was entered into with ENIL, for the sale of the three Metro FM Radio stations as was earlier approved by the board in its meeting held on November 13, 2015," it added.
The company has proposed "grant of permission agreement for the migration of the three FM Radio stations to phase III" if it gets MIB nod for that.
"The migration fee will involve a total net capital expenditure of Rs 71.36 crore excluding other charges/interest and will be completed within 3 months," it added.
At 09:57 am; the stock was down 4% at Rs 252 on the BSE as compared to 0.14% rise in the S&P BSE Sensex. A combined 77,843 shares changed hands on the counter on the BSE and NSE.
