Shares of TV Today Network gained more than 6% to hit a high of Rs 63 in early trade on Wednesday as PTI reported that the Competition Commission of India (CCI) yesterday has approved Aditya Birla group's purchase of 27.5% stake in Living Media India, the holding firm of media giant India Today Group.
The report says, "The stake is being purchased through IGH Holdings Private Ltd, an investment company of industrialist Kumar Mangalam Birla-led business conglomerate." The two groups had announced this transaction earlier in May this year.
"After such transfers, the subsidiaries and associate firms of Living Media would include TV Today Network, ITAS Media, Today Retail Network, Today Merchandise, Harper Collins, Mail Today Newspapers, India Today Online, Universal Learn Today, Integrated Databases India and Automotive Exchange Pvt Ltd. After the transaction, IGH would have certain statutory rights in Living Media, along with the contractual rights of the shareholders agreement," according to the report.
At 09:41 hours IST, the share was trading at Rs 60.25, up 1.69% with volumes of 14,129 equity shares.
Market capitalisation of the company currently stands at Rs 358.23 crore.
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