Moneycontrol Bureau
Shares of Entertainment Network India (ENIL) climbed 4.8 percent intraday Friday after the government decided to conduct e-auction of 135 channels of private FM radio in 69 existing cities in 1st phase. ENIL owns Radio Mirchi 98.3 FM.
Ministry of Information and Broadcasting, Government of India on Thursday issued the Information Memorandum (IM) for e-auction of 135 channels of private FM radio in 69 existing cities of Phase II in the first batch, said the statement issued by the government.
It was issued in continuation of the Union Cabinet’s approval on 16.01.2015 for conduct of FM Phase-III auctions for these channels and migration (renewal) of private FM Radio licenses from Phase-II to Phase-III.
Issuance of the Information Memorandum is part of the process of FM Phase III policy for expansion of FM radio broadcasting through private agencies.
The objectives are to attract the agencies to supplement and complement the efforts of All India Radio by operationalizing radio stations that provide programmes with local content and relevance, improving the quality of fidelity in reception and generation, encouraging local talent and generating employment.
The ministry issued memorandum to facilitate and encourage potential new entrants to the Indian broadcasting sector, as well as existing operators, to take an informed decision while participating in the auction.
At 10:48 hours IST, the stock was quoting at Rs 584.40, up Rs 11.55, or 2.02 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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