Shares of Entertainment Network (India) Ltd surged over 12 per cent today after the Times Group-run (ENIL) said it has got the approval from the I&B ministry to acquire TV Today Network's radio station 'Oye' in four cities.
Following the news, shares of the company zoomed 12.13 per cent to settle at Rs 815.05 on BSE. Intra-day, it rallied 16.79 per cent to Rs 849 -- its one-year high.
On NSE, the stock soared 11.98 per cent to Rs 815.80 at close.
The company's market valuation rose Rs 420.38 crore to Rs 3,885.38 crore.
ENIL, which owns and operates Radio Mirchi FM channel, today said it has got the go-ahead from the Information and Broadcasting ministry to acquire TV Today Network's radio station 'Oye' in four cities.
"The company has now received the approval to purchase TV Today Network's four radio stations -- radio business in Amritsar, Jodhpur, Patiala and Shimla.
"The said purchase shall be subject to fulfilment of conditions specified by the Ministry, execution of relevant documents with TV Today Network and completion of all other relevant formalities," ENIL said in a filing to BSE.
The Ministry had earlier declined its approval on the ground that the proposed sale by TV Today Network is not in conformity with FM radio guidelines.
