TV 18 board decides to restrict foreign investment

MUMBAI: The board of directors of Television Eighteen India has informed the Bombay Stock Exchange (BSE) that it has been decided that the foreign investments (by NRIs, OCBs, FIIs & FDIs) in the company will not exceed beyond 26 per cent of the total paid-up capital.

The board has taken this step in compliance with the guidelines for uplinking of news and current affairs TV channels from India issued by the ministry of information & broadcasting, government of India,

Television Eighteen India has also informed the BSE that it will shift distribution of CNBC India Channel from Sony Entertainment Television (SET) to Zee Turner Ltd. The decision will come into effect from 1 April 2003.

Meanwhile, on the BSE, the scrip opened at Rs 54.85, dropped by 2.46 per cent to end the day at Rs 53.50. On the National Stock Exchange, the scrip opened the day at Rs 55.25, fell by 1.74 per cent to end the day at Rs 53.70. The volumes trades on the BSE and NSE were 71,655 shares and 27,372 shares respectively.