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FIPB approves issue of fresh equity shares by Broadcast Worldwide to Mauritius firm

21-August-2001
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FIPB approves issue of fresh equity shares by Broadcast Worldwide to Mauritius firm

The Foreign Investment Promotion Board (FIPB) has approved the proposal of Broadcast Worldwide, to issue fresh equity shares totalling Rs 3.6 crores to the Mauritius-based Crombie International.

The Rs 10 shares will be placed with Crombie International at a premium of Rs 40, and will account for about 3.5 per cent of the paid-up equity capital.

At present, Rathikant Basu, chairman of Broadcast Worldwide and his associates, including Rupert Murdoch's Star group, hold 40 per cent, Sterling Infotech another 40 per cent and financial institutions hold the remaining 20 per cent in the closely-held media company.

Broadcast Worldwide is also exploring uplinking activities from within the country, to turn the company around.

Broadcast Worldwide is currently uplinking from Thaicom-3, operated by the Thailand-based company. Once the approval comes through, Broadcast Worldwide will be looking at setting up one central earth station in Delhi.

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