News Broadcasting
TV Today board raises foreign investment limit to 26%
MUMBAI: The board of TV Today Network has approved the increase in foreign investment limit by Foreign Portfolio Investors (FPI) and Foreign Institutional Investors (FII) up to 26 per cent and by non-resident Indian (NRI) up to 24 per cent of the paid-up capital of the company.
However, this will be subject to the maximum permissible limit of 26 per cent of the paid-up capital of the company, under the Portfolio Investment Scheme pursuant to FEMA (Transfer or issue of Security by a person resident outside India) Regulations, 2000 (‘FEMA Regulations’) and approval of Foreign Investment Promotion Board (FIPB).
Additionally, the FIBP approval should be in accordance with the revised uplinking guidelines for news and current affairs channel by the Ministry of Information & Broadcasting, Government of India and other applicable laws.
The network informed the same to the Bombay Stock Exchange (BSE), saying that the infusion of foreign investment would be subject to the shareholders’ approval.
