MUMBAI: TV Today Network Ltd board has approved the proposal for buy back of shares from the open market.

TV Today has said that the amount would not exceed Rs 293.07 million, being 10 per cent of aggregate of paid-up equity capital and free reserves of the company as on 31 March, 2008.

TV Today's offer price will not exceed Rs 115 per share. The promoters will, however, go ahead with the buy-back proposal if they are exempted from the Sebi (Substantial Acquisition of Shares and Takeover) Regulations, 1997, under which they will have to make an open offer.

Shares of TV Today ended Thursday at Rs 105.20 on the BSE, down 1.64 per cent from the previous day's close.