Institutional investors have reduced their exposure in media firm Television Eighteen Ltd (TV18) by 14.16 per cent in the nine months between April and December 2001.
Their exposure stood at 16.56 per cent for the third quarter ended December 31, 2001, from 30.72 per cent as on March 31, 2001.
FII holdings in Television Eighteen went down from the high of 9.45 per cent as on March 31, 2001, to 0.69 per cent on December 31, 2001.
In case of Television Eighteen, the company posted profits on a consolidated basis, after eight quarters of investments, as the business was in its gestation phase. According to the industry analysts, the company was not expected to report profit before the second quarter of 2002-3. However, it came out of the red and notched marginal profit of Rs 19.5 lakhs against a loss of Rs 1.48 crores in the previous quarter.
The board of Television Eighteen recently decided to increase the overall ceiling of investment by FIIs, OCBs and NRIs up to 49% of the issued capital of the company.
Presently the combined holding of FIIs, OCBs and NRIs stands at only 8.13 per cent which is lower than the March quarter figure of 18.42 per cent.
The Television Eighteen stock yesterday closed at Rs 95.75 on the Bombay Stock Exchange, losing 1.3 per cent from the previous close of Rs 97.05.