| 02 Jun 2023
ENIL to shell-out Rs 4 crore as part of purchase consideration with TVTN

MUMBAI: Entertainment Network (India) Ltd (ENIL) informed BSE that the company has executed the Business Transfer Agreement (BTA) with TV Today Network Ltd (TVTN) to purchase its radio business on the terms and conditions stipulated by the BTA.

The four stations are involved in the agreement are Amritsar, Jodhpur, Patiala and Shimla.

The purchase consideration amount shall be Rs 4 crores, which is subjected to closing net working capital adjustments as defined more specifically in the BTA. In addition, ENIL shall also pay migration fees to the Ministry of Information and Broadcasting (I&B) for migration of the four stations from Phase II to Phase III.

TVTN informed BSE that the sale is taking place on slump sale basis. During the financial year 2014-15, the total turnover of the four TVTN radio stations was Rs 3.96 crores, equivalent to 0.80 per cent of the total turnover of the company.

The sale shall be subjected to fulfilment of conditions specified by the I&B ministry, execution of relevant documents with ENIL and completion of all other relevant formalities.

In July, Radio Mirchi received a nod from the I&B ministry to acquire four TVTN radio stations. ENIL had shown interest in seven TVTN radio stations which included radio stations in Delhi, Mumbai and Kolkata. However, the sale of radio stations in Delhi, Mumbai and Kolkata was not approved, as ministry informed ENIL that it cannot hold more than one radio license in a particular city.