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TV Today Network to buyback 10% share at Rs 115

Malini Ranade 4 March 2009

TV Today Network to buyback 10% share at Rs 115 TV Today network, the promoter of Aaj Tak news channel, informed on Tuesday that it would buyback 10 per cent equity from public at Rs 115.

The offer price of Rs 115 is at a premium of 102 per cent to the company's yesterday's closing price Rs 56.95 on the NSE.

The company proposes to buy back a maximum of 47.79 lakh equity shares and a minimum of 2 lakh equity shares from existing shareholders at Rs 115 per share for an aggregate amount of about Rs 29.30 crore.

The buy back would commence on March 16 and would close on July 30, 2009.

After the successful completion of move, the promoter shareholding in the company would increase from the existing 55.68 per cent to 60.68 per cent.

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