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RBI clears way for foreign investors to have up to 26% in TV Today
MUMBAI: The Reserve Bank of India (RBI) has cleared the proposal of TV Today Network (TVTN) allowing foreign investors to increase their stake in the news broadcaster up to 26 per cent.
TVTN, the holding company of leading Hindi news channel Aaj Tak and English news channel India Today Television, has already secured its board’s approval in July this year, to increase the limit on foreign investment in the company.
“Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 26 per cent of the paid-up capital of TV Today Network Ltd under the portfolio investment scheme (PIS),” the RBI said.
According to the central bank, the company has passed resolutions at the level of its board of directors and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
Though the board has approved investment by FPIs or FIIs up to 26 per cent, NRIs’ investment is capped at 24 per cent only.
As per data available with the BSE, FIIs own just 0.02 per cent in TVTN as on 30 September, while promoter company Living Media India holds 56.92 per cent. Aroon Purie owns 0.49 per cent.
As per Indian laws, FIIs, NRIs and persons of Indian origins (PIOs) can invest in primary and secondary capital markets in India through PIS.
TVTN scrip closed at Rs 254.40, down 1.59 per cent, on the BSE on Tuesday.