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TV-18 to hike FI investment limit to 49%

08-December-2001
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TV-18 to hike FI investment limit to 49%

The board of Television Eighteen (TV-18), yesterday approved the allotment of 7 lakh shares of Rs 10 each to promoters as well as the hike in investment limit by FIIs, OCBs and NRI to 49 per cent. The board has also decided to transfer the entertainment business of the company to a 100 per cent subsidiary.

According to industry sources, the stake of the promoters and associates today stands at approximately 38 per cent. This is up from the existing 32 percent stake.

The board has also decided to transfer the entertainment business of the company to a 100 per cent subsidiary. The transfer would involve assigning existing contracts, transferring all existing assets and liabilities pertaining to the entertainment business, etc.

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