TV Today Network (TVTN) shares gained as much as 6.30 per cent in the early trade on Thursday after the company informed bourses that it has entered into an Advertising Sales Agreement with Entertainment Network (India) (ENIL) on August 24, 2016, effective from September 1, 2016, duly approved by the Board of TVTN through circulation on August 24, 2016 in relation to TVTN’s three private FM radio stations at New Delhi, Mumbai and Kolkata. Pursuant to the ASA, TVTN has agreed to appoint ENIL as an agent of TVTN to facilitate the sale of TVTN’s airtime to third-parties who wish to advertise using TVTN’s airtime.
At 10.46 am, shares of TV Today Network were trading 1.65 per cent up at Rs 305.60. The scrip opened the day at Rs 306 and has touched a high and low of Rs 319.60 and Rs 305.60, respectively, in trade so far. Later, the scrip ended 0.42 per cent down at Rs 299.40.
In a BSE filing, TVTN said, “ENIL is not related to promoter/promoter group/ group companies in any manner, the transaction with ENIL would not fall within the purview of related party transactions, no shares are issued to any of the parties pursuant to the agreement, TVTN does not hold any shares in ENIL. No potential conflict of interest arises out of such agreement. No nominees are appointed on the Board of TVTN pursuant to this agreement.”
Promoters hold 57.42 per cent stake in TVTN, while public hold 42.58 per cent stake in the company, according to the website of BSE.