ENIL stock rises 12% after govt nod for radio station purchase1 min read . Updated: 22 Jul 2015, 05:00 PM IST
Intra-day, the stock rose as much as 16.8% as the company got the approval to buy four radio stations in Amritsar, Jodhpur, Patiala and Shimla
Mumbai: Entertainment Network India Ltd (ENIL) gained as much as 16.8% as it got approval from the information and broadcasting (I&B) ministry for purchase of four radio stations from TV Today Network Ltd (TVTN).
Earlier, the I&B ministry had declined approval on the grounds that the proposed transaction was not in conformity with FM radio guidelines, according to a disclosure dated 8 May made to stock exchanges.
The company has now got the approval to buy four radio stations in Amritsar, Jodhpur, Patiala and Shimla.
The company further said that the purchase shall be subject to the fulfilment of conditions specified by the ministry and execution of relevant documents with TVTN and completion of all other relevant formalities.
ENIL shares closed at ₹ 815.05, up 12%, on the BSE, while the benchmark Sensex gained 1.15% to 28,504.93 points.