MUMBAI:The TV Today Network Ltd has informed the Bombay Stock Exchange that the Board of Directors of the company on Friday approved the merger of Radio Today Broadcasting Ltd (RTBL), a fellow subsidiary company, with the Company with effect from 1 April 2007.

The merger is subject to the approval of the High Court and other regulatory approvals as may be required. The Board has further approved the swap ratio of 5:9 i.e. for every nine shares of RTBL, five shares of the Company will be issued to the shareholders of the RTBL. This will result in fresh issue of 55,20,000 equity shares of Rs five each of the Company to the shareholders of RTBL.

The India Today group had exited the radio business when it sold Red FM to a consortium in 2006. Radio Today made a comeback with the launch of Meow FM in Delhi and Kolkata, and is poised is launch in Mumbai soon. The company has bagged licenses to operate FM stations in Delhi, Mumbai Amritsar, Jodhpur, Patiala, Shimla and Kolkata.