TV Today network, the promoter of Aaj Tak news channel, said that the company will buy back shares at a price not exceeding Rs 115. The purchase will be made through open market.
The offer price of Rs 115 is at a premium of 7.78 per cent over the average closing price on the stock exchanges, as on July 30, 2008.
In a statement to Bombay Stock Exchange, the company said that it will purchase up to 47,79,800 equity shares (about 8.23 per cent of the total equity shares). The total amount earmarked for the open offer is Rs 29.30 crore.
The buy back will commence on March 16 and the last date is July 30, 2009.
