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FIPB: Atria to get new shareholding in place, DEN also gets nod
MUMBAI: Cable TV and broadband company Atria Convergence Technologies has got the Foreign Investment Promotion Board (FIPB) approval to get its new shareholding in place with private equity giant TA Associates holding 40% stake and India Value Fund Advisors’ (IVFA) new fund Indium V (Mauritius) owning around 55%.
Atria Convergence Technologies had sought approval for transfer of its shares from existing non-resident shareholders to Agra (IVFA) and TA FVCI lnvestors.
TA will bring in $200 million for the shares and IVFA’s new fund $300 million. As reported earlier by TelevisionPost.com, IVFA’s new fund would replace the old one.
In the new shareholding arrangement, the founder-promoters CS Sunder Raju and K Nagaraju will hold 5 per cent stake.
The FIPB has also approved multi-system operator (MSO) DEN Networks’ proposal for allowing foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities within the same approved foreign investment limit. The company had earlier received the RBI’s approval for increasing FDI limit for FIIs/NRIs/FPIs up to 74%.
The FIPB has deferred the proposal of Jasper lnfotech, the holding company of e-commerce company Snapdeal, for making downstream investment in Macro Commerce by purchasing 50% stake in the company from DEN Networks Ltd, its existing holding company.
Macro Commerce, which is a joint venture between Jasper and DEN, owns and operates TV home shopping channel DEN Snapdeal Home Shopping TV Shop.
The government had approved 10 FDI proposals involving FDI of Rs 607 crore (Rs 6.07 billion), and recommended one proposal for approval of CCEA involving FDI of Rs 5,856.51 crore (Rs 58.57 billion) based on the recommendations of the FIPB in its 231st meeting held on 22 January.
Last year, the government had increased FDI limit in teleports and broadcast carriage services like direct-to-home (DTH), cable TV, IPTV, mobile and headend-in-the sky (HITS) companies to 100% from 74%, with up to 49% under automatic route.
It had also opened up the sensitive TV news broadcasting by allowing foreign investors to own 49% stake compared to the earlier cap of 26%. The FDI cap in FM radio sector was also hiked to 49% from 26% earlier.
Moreover, the government had increased FDI limit in satellites (establishment and operation, subject to sectoral guidelines of the Department of Space/ISRO) to 100% from 74% through government route.