Mumbai: Sun TV Network Ltd. confirmed on 30August that its unit has bought 48.9% of Red FM to expand its radio FM business to the north, west and east Indian markets, sending its shares up.
Red FM founders, including New Delhi Television Ltd (NDTV) would hold the remaining stake in Red FM in addition to owning 35% of SUN TV’s unit South Asia FM Ltd.
Sun TV shares were trading 11.6% up at Rs348 in a firm Mumbai market. South Asia FM has 23 radio licenses across India and runs two radio staions. Red FM operates three radio staions in Mumbai, Delhi and Kolkata, Sun TV said in a statement.
Enam Securities was the adviser to the transaction, it added.