The Marans plan to dilute up to 20 per cent equity in their broadcasting venture, Sun TV, through a combination of private placement with foreign investors and an initial public offer (IPO).
The company has sought the approval of the Foreign Investment Promotion Board (FIPB) for bringing in the foreign investors, though it has not finalised their names. Once the IPO is done, it will place equity to foreign investors to take the total equity dilution to 20 per cent.
The company, apart from its television channels and publications, is also into FM radio and, as such, cannot have foreign equity exceeding 20 per cent.
At present, Kalanithi Maran owns 94.2 per cent of the company’s equity and his mother, Mallika, the rest.