Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Radio/TV Corporate - Mergers & Acquisitions Reuters seeks to increase stake in Times Global Ambarish Mukherjee
New Delhi , Feb. 16 REUTERS Singapore Pte Ltd has sought approval from the Foreign Investment Promotion Board (FIPB) for picking up 25.82 per cent stake in Times Global Broadcasting Company Ltd. The Singapore-based company, in its application has stated that it will pick up 2,21,40,876 equity shares of Rs 10 each at more than 300 per cent premium, officials said. The deal is valued at $19.86 million, which in rupee terms comes to approximately Rs 40.36 per share. Times Global Broadcasting is a subsidiary of Bennett and Coleman Company Ltd. Two other companies, namely Bharat Nidhi Ltd and PNB Finance & Industries Ltd holds non-resident Indian shareholding of 0.71 and 0.02 per cent stake in Times Global. Times Global has recently launched a 24-hour new channel named Times Now. The company also proposes to own and infrastructure related to the uplinking and broadcasting and distribution of television channels. The FIPB is expected to consider the proposal during the course of this month, officials said.
More Stories on : Radio/TV | Mergers & Acquisitions | Foreign Direct Investment
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