Financials
TV Today Network’s shareholders approve raising FDI limit to 26%
MUMBAI: Shareholders of the Aroon Purie led TV Today Network, which runs the Hindi news channel Aaj Tak and English news channel India Today Television, have approved to increase the foreign direct investment (FDI) limit in the company up to 26 per cent.
As of now, TV Today does not have holdings by any foreign institutional investors (FIIs). Currently, TV Today’s mother company Living Media India has a 56.92 per cent stake in the company, whereas TV Today Network managing director Aroon Purie owns 0.49 per cent, which together totals to 57.42 per cent. The remaining 42.58 per cent is held by various mutual funds, financial institutions, insurance companies, individuals, trusts and NRIs (Non Resident Indians) amongst others.
The company said that subject to approval of the Foreign Investment Promotion Board (FIPB), it’s shareholders had approved to increase the limits of foreign investment by FPI (Foreign Portfolio Investor) and FIIs up to 26 per cent and by NRIs up to 24 per cent of the paid up capital of the company, under the Portfolio Investment Scheme (PIS) of FEMA Regulations 2000.
It may be recalled that in June this year, the company’s board had approved the increase in foreign investment limit, which was subject to shareholder’s approval.
Purie along with TV Today Network head – legal & compliances, company secretary and vice president (internal audit) Dr Puneet Jain have been authorised to expedite the process by preparing all necessary documents as well as inform the concerned authorities or regulatory bodies for the same.
Currently the Indian government allows upto 26 per cent FDI and investment by NRIs, PIOs, FIIs and FPIs in media companies that publish newspapers and periodicals or run news and current affairs channels.
