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Bucking the broader market sentiment, shares of Reliance Broadcast Network Ltd (RBNL) jumped by 7 per cent in morning trade on the Bombay Stock Exchange today, boosted by the government’s decision to permit a Rs 45.47 crore foreign investment in the company.
The Foreign Investment Promotion Board (FIPB) had approved a foreign investment of Rs 45.47 crore in RBNL, translating into up to 20 per cent of the total paid-up capital of the company.
The FDI in RBNL is likely to attract funds from investors, including Citigroup Global and Goldman Sachs.
Cheering the move, shares of the Anil Ambani-led company surged by 7.02 per cent to an early peak of Rs 73.90 on BSE.
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