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TV Today To Buy Back 10% Shares

A downturn in the market and a share price that is less than half of its 52 week high is perhaps a good time for promoters to step in and pick up shares – and give a boost to the share price. TV Today Ltd has announced a buyback of 10 per cent shares from the public for Rs 29.30 crore. The company plans to buy back 47.79 lakh equity shares and a minimum of two lakh equity shares from existing shareholders at Rs 115 per share. The process will start on March 16 and close on July 30, 2009. After the buyback, promoters’ holding in the company will increase from 55.68% to 60.68%. TV Today shares ended March 6th 4.26% down at Rs 55.05; the stock has a 52 week high of Rs. 131.90 on the BSE.

India Today Group Digital, which owns the properties like India TodayBusiness TodayMoney TodayPreventionMen’s HealthWomanCosmopolitan as well as TV Channels like Aaj Tak and Headlines Today, is a joint venture between TV Today and Living Media Ltd. 

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