The Reserve Bank of India (RBI) has allowed foreign investors to invest up to 26 per cent in TV Today Network.
"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 26 per cent of the paid-up capital of TV Today Network Ltd under the Portfolio Investment Scheme (PIS)," RBI had said in a notification earlier this week.
Shares of TV Today Network surged nearly 8 per cent yesterday on back of the news.
According to media reports, RBI said the company has passed resolutions at its Board of Directors level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
FIIs, NRIs and PIOs (Persons of Indian Origin) can invest in primary and secondary capital markets in India through PIS.