TV Today Network invests Rs 9.4 crore in Vibgyor Broadcasting
Vibgyor, having a net worth of Rs 44,956, reported zero turnover and a net loss of Rs 90,225 in fiscal year 2024
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TV Today Network invested Rs 9.4 crore in its wholly owned subsidiary, Vibgyor Broadcasting, via a rights issue on Wednesday. The investment involves 94,00,000 equity shares at Rs 10 each.
Vibgyor, having a net worth of Rs 44,956, reported zero turnover and a net loss of Rs 90,225 in fiscal year 2024.
"The objective of the investment is to ensure that the wholly owned subsidiary has the requisite net worth to meet the requirements of the Ministry of Information and Broadcasting for being eligible to purchase the Radio Business from the company," the TV Today Network said in a stock exchange filing.
The FM Radio broadcasting operations comprise three stations in Mumbai, Delhi, and Kolkata, operating on the frequency 104.8 FM, branded ‘Ishq 104.8 FM’.
Post-allotment, TV Today Network will retain 100% shareholding in Vibgyor, the filing said.
Separately, TV Today Network announced last month it will be selling its radio business to Creative Channel Advertising and Marketing Pvt. Ltd (Creative Channel) for Rs 20 crore.
TV Today Network will receive Rs 20 crore plus applicable taxes on the sale of its Radio business. Creative Channel will pay ₹10 crore along with taxes once the MoU has been signed and the remaining Rs 10 crore on the closing date, following regulatory approvals.
The sale is expected to be completed on or before January 31, 2026, as per the filing.
The radio channel 104.8 FM, reported a loss of Rs 19.53 crore in FY 2023-24 and did not contribute to TV Today’s net worth.
