New Delhi: The TV Today Network has decided to buy back up to five per cent of its paid-up capital and free reserves aggregating to around Rs 23 crores.
The TV Today Group has already intimated its decision to the Bombay Stock Exchange. In a communique, the Delhi-based media group said the board of directors of the company would be meeting on January 29 to consider the buy-back proposal. The company hasn't yet disclosed at what price it plans to buy back the shares.
The board at its ensuing meeting would also take on record the unaudited financial result for the quarter ended December 31, 2006, it added. A stock buyback, means that the company is buying back its shares from the marketplace. Or in other words, the company is investing in itself.
As a result the number of outstanding shares on the market is reduced and the relative ownership stake of each investor increases. The shares of the company reacted positively to the news and were trading at Rs 104.60, 6.30 per cent on NSE..
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