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TV 18 Board authorised to issue shares on preferential basis
Television Eighteen India Ltd, co-promoter of CNBC India along with CNBC Asia, at its extraordinary board meeting today cleared the way for the issuance of preferential shares and increase of overall ceiling of investment by foreign institutional investors (FIIs), overseas corporate bodies (OCBs) and non-resident Indians (NRIs), up to 49 per cent of the equity of the company.
The investments made by any of the above entities in the equity shares of the company shall not exceed 10 per cent of the total paid up capital of the company, the board decided.
The the issue and allotment of securities to NRIs, OCBs and/or FIIs, will be on repatriation basis, subject to government or Reserve Bank of India clearance.
