Regulators

Jagran Prakashan receives approval from MIB for Radio City acquisition

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BENGALURU: Jagran Prakashan has informed the bourses that it has received approval from the Ministry of Information and Broadcasting (I&B Ministry) today for the acquisition of Radio City.

The text of the announcement on BSE reads as follows: "With reference to the earlier letter dated December 16, 2014 regarding share purchase agreement entered by the Company on December 16, 2014 with the owners of Music Broadcast Private Limited (MBPL) for acquisition of Radio City, which was subject to approval from Ministry of Information Broadcasting(MIB), Jagran Prakashan Ltd has now informed BSE that as communicated by MBPL, the approval of MIB has been received for the same vide letter dated May 28, 2015."

In December last year, Jagran Prakashan had announced that it had entered into an agreement with Radio City and was awaiting an approval from the Ministry since then.

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