MUMBAI: TV Today network will buy back shares at a price not exceeding Rs 115, a premium of 102 per cent from the company's yesterday closing price of Rs 56.80 on the BSE.

The buyback offer, through the open market purchase, would start on 16 March and close on 30 July. Post the buyback, the promoter holding in the company would increase from the existing 55.68 per cent to 60.68 per cent.

The company intends to purchase up to 4.78 million equity shares or a minimum of 200,000 shares. The maximum offer size represents 10 per cent equity of the company. The total amount earmarked for the open offer is Rs 293 million.

The maximum offer price has been arrived at after taking into consideration factors such as the trends in the market price of the equity shares during the last six months prior to the date of the meeting held on 31 July, 2008 of the board for approval of buy-back, price-earning ratio and impact on other financial parameters, TV Today said.

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TV Today approves buyback plans