The auction will be on an ascending e-auction basis. Approval was also given to migration (renewal) of private FM radio licenses from phase-II to phase-III on payment of migration fee according to TRAI recommendations.
Shares of Entertainment Network India (ENIL) jumped 20 percent intraday on Friday as the cabinet approved FM Phase-Ill auctions and migration (renewal) of private FM radio licenses from phase-II to phase-Ill in 69 existing cities for 135 channels. The Union Cabinet was chaired by Prime Minister Narendra Modi.
The auction will be on an ascending e-auction basis. Approval was also given to migration (renewal) of private FM radio licenses from phase-II to phase-III on payment of migration fee according to TRAI recommendations.
As of now, with the implementation of two phases of private FM radio, namely phase I (1999-2000) and Phase II (2005-06), there are 243 private FM channels in operation in 86 cities of the country, spanning 26 states and 3 Union Territories.
The auction process will add an estimated revenue of over Rs 550 crore to the national exchequer on successful auctions of all proposed channels. Besides, it will beget the amount realised through the migration process which is dependent on the TRAI recommended formula, where migration fee is linked with the discovery of market prices through the FM radio phase III auction.
Roll out of the first batch of FM radio phase III auction will provide more channels to listeners with richer content in 69 existing cities.
Entertainment Network India ended at Rs 603.75, up Rs 92.25, or 18.04 percent on the BSE.
(Posted by Nasrin Sultana)
Ent Network Ind stock price
On January 16, 2015, Entertainment Network India closed at Rs 603.75, up Rs 92.25, or 18.04 percent. The 52-week high of the share was Rs 613.80 and the 52-week low was Rs 315.55.
The company's trailing 12-month (TTM) EPS was at Rs 19.87 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 30.39. The latest book value of the company is Rs 121.71 per share. At current value, the price-to-book value of the company is 4.96.
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