With reference to the earlier letter dated July 22, 2015 intimating about the approval from the Ministry of Information & Broadcasting to purchase TV Today Network Limited (TVTN)’s four radio stations i.e. radio business in Amritsar, Jodhpur, Patiala and Shimla. Entertainment Network (India) has now informed that the Company has executed on September 11, 2015, a Business Transfer Agreement (BTA) with TVTN to purchase the aforementioned radio business on the terms and conditions stipulated in the BTA. The purchase consideration shall be Rupees Four Crores subject to closing net working capital adjustments as defined more specifically in the BTA. In addition, the Company shall pay migration fees to the Ministry of Information & Broadcasting for migration of the aforesaid four stations from Phase II to Phase III.
The above information is a part of company’s filings submitted to BSE.
