The Hindu Business Line : NDTV's foreign holding could touch 26 pc

THE Prannoy Roy promoted New Delhi Television Ltd (NDTV) today informed the Bombay Stock Exchange that the foreign holding in the company would reach 26 per cent if the Government gives its nod for transferring 15 per cent equity to daughter Ms Tara Roy and allowing Cyprus-based GA European investment to invest in the company.

The broadcasting company said that the Information and Broadcasting (I&B) Ministry is examining a proposal whereby the promoters - Dr Prannoy Roy and Ms Radhika Roy - plan to transfer of shares constituting 15 per cent of the total paid up equity capital of the company, by way of gift to their daughter Ms Tara Roy, a non-resident Indian.

Also GA European Investments Ltd, a company incorporated in the Republic of Cyprus having its registered office at Cyprus has proposed to acquire 48,36,000 equity shares of the company from Indian company Shyam Cellular Infrastructure Projects Ltd, which constitutes 7.95 per cent of the issued and paid up equity share capital of the Company.

At present 3.05 per cent of the total equity is held by Foreign Institutional Investors pre-IPO.

As a result of these transfers, the cumulative foreign shareholding in the company will touch 26 per cent, the maximum permissible limit prescribed under the guidelines for uplinking of news and current affairs TV Channels from India.

Consequently, no further foreign shareholding including the foreign holding component, if any, in the equity of Indian shareholder companies can take place.

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