MUMBAI: TV Today Network Ltd (TVNL) has fixed the share swap ratio for merging the radio business of its group subsidiary company Radio Today Broadcasting Ltd (RTBL) with itself.
The board has approved issuing one share of TV Today for every six shares held in Radio Today.
“The radio business is being demerged from RTBL. Following this, the radio business will be merged with TV Today. Besides radio, RTBL also has trading operations,” a source in the company says.
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Indiantelevision.com was the first to report of the merger plan.
The valuation of the radio business, which operates in Delhi, Mumbai and Kolkata under the Meow brand, is pegged at Rs 904 million. This is based on TVNL’s closing market price of Rs 93.55 on Thursday. Click here to read more..
