MUMBAI: Radio Mirchi FM's mother company Entertainment Network (India) Limited (ENIL) has received the Information and Broadcasting (I&B) Ministry’s nod to purchase TV Today Network’s (TVTN) four radio stations, which owns 104.8 FM Oye.
This includes the company’s radio business in Amritsar, Jodhpur, Patiala and Shimla.
The purchase will be subject to fulfilment of conditions specified by I&B Ministry, execution of relevant documents with TVTN and completion of all other relevant formalities.
It can be noted that ENIL had signed the non-binding memorandum of understanding (MoU) with TV Today Network for the purchase of seven radio stations. However, on 13 February, 2015 and 8 May, 2015, I&B Ministry declined its approval on the grounds that the proposed sale by TVTN and proposed purchase by ENIL is not in conformity with the FM Radio Guidelines.
With this approval, the shares of ENIL saw a hike of close to 17 per cent in intraday trading on the Bombay Stock Exchange (BSE) to touch a life high of Rs 849 on 22 July.