DB Corp Ltd, the publisher of Hindi daily Dainik Bhaskar, today said it will demerge the radio business of subsidiary Synergy Media Entertainment and transfer the same to itself.
The demerger plan for the radio business has been approved by the company's board of directors, which met yesterday, DB Corp said in a statement to the Bombay Stock Exchange.
Synergy Media Entertainment operates radio business under the brand, 'My FM 94.3', airing across 17 FM locations, including Jaipur, Bhopal and Nagpur.
"The restructuring proposal with DB Corp reinforces our growing confidence in the growth potential of radio business," Synergy Media CEO Harrish Bhati said.
Apart from Dainik Bhaskar, DB Corp publishes several other newspapers in different languages including Divya Bhaskar, a Gujarati daily.
Shares of DB Corp were quoting at Rs 248, up 1.74 per cent in late afternoon trade on the BSE.
