TV Today Network Ltd has tied up with GE Capital. GE Capital will pick up a six per cent stake in TV Today Network Ltd, for a consideration of Rs 7.4 crore. According to sources, the company has filed an application with the Foreign Investment Promotion Board (FIPB) seeking permission to bring in GE Capital as a minority partner.
The company had earlier offered equity to ICICI and the telecom major Bharti and had kept the option open to bring in other investors.
According to industry analysts, the investment comes at a time when the channel is said to be planning the launch of English news channels. Reliable sources say that GE Capital was actually interested in buying 20 per cent stake but was stopped by other two investors.
TV Today may also come out with an initial public offer next year to raise funds from the stock markets. It is expected that the money raised will be used to fund all future expansion.
We at exchange4media will keep you updated on this. Watch this space for more!