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Cyprus fund buys 7.9% in NDTV

Cyprus fund buys 7.9% in NDTV

Author | Source: Business Standard | Wednesday, Jul 13,2005 7:33 AM

Cyprus fund buys 7.9% in NDTV

Cyprus-based GA European Investments has picked up a 7.9 per cent stake in the Radhika Roy- and Prannoy Roy-promoted New Delhi Television (NDTV) Ltd for over Rs 125 crore.

NDTV today informed the National Stock Exchange (NSE) that GA Europeon had purchased 48.36 lakh shares, representing a 7.9 per cent stake, from Shyam Cellular Infrastructure Project Ltd.

At today’s closing price of Rs 259.15 of the NDTV stock on the NSE, the foreign fund's cost of acquisition worked out to be over Rs 125 crore.

The NDTV stock declined by 0.52 per cent at Rs 258.90 after opening at Rs 263.45.

This is the second sale by an entity of the Shyam Telecom group. Last month, Shyam Basic Infrastructure Project Pvt Ltd had picked up 45.43 lakh shares of NDTV, representing a 7.47 per cent stake. However, on July 7, the entity sold 7 per cent of the stake in the open market.

The NDTV counter has been witnessing hectic activities over the past few weeks with its stakes changing hands. ICICI Equity Fund had recently exited from the company by selling its 14.93 per cent stake in phases. The last sale of 6,077,528 shares, representing a 10 per cent stake, took place on June 28.

“The hectic activities at the NDTV counter show that the media stocks are hot in today's market. It will intensify and spill over to other media counters,” said an industry analyst.

In a separate development recently, Franklin Templeton Mutual Fund acquired 2.95 per cent in NDTV, taking its shareholding in the company to 6.53 per cent.

NDTV currently airs three news channels -- 24X7 in English, NDTV India in Hindi and an English business channel, NDTV Profit. The company has recently sought permission from the ministry of information and broadcasting to air a fourth news channel.

It has also been recently granted permission by Canada Radio and Television for launching its English channel across Canada through ATN.

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