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Tag: FII

  • Den Network gets RBI nod for increase in FDI to 74%

    Den Network gets RBI nod for increase in FDI to 74%

    BENGALURU: After receiving Foreign Investment Promotion Board’s (FIPB) permission to increase its foreign direct investment (FDI) limit from the existing 49 per cent to 74 per cent a few months ago, Den Network Limited has now received approval for the same from the Reserve Bank of India (RBI).

     

    A letter from Den Network’s company secretary Jatin Mahajan to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) says that the company has received approval from the RBI for increase in FDI limit beyond 49 per cent and up-to 74 per cent by Foreign Institutional Investors (FII), Non Resident Indians (NRI), Foreign Portfolio Investors (FPI) and other eligible foreign investors.

     

    The approval is subject to compliance Regulation 5(2) of FEMA Notification No 20/2000 RBI dated 3 May, 2000 (as amended time to time) issued under FEMA 1999 and conditions specified in FDI Policy circular dated 12 May, 2015.

     

    As was reported earlier by Indiantelevision.com, with this, the company which is currently building its broadband base and also working towards digitisation in phase III and IV areas, is looking at attracting overseas capital into the company.

     

    It can be noted that Den Networks had sought for increase in FDI limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.

     

    Earlier in March this year, the Board of Directors of Den Networks had approved this proposal to increase foreign investment limit. The decision was subject to shareholder approval (through postal ballot), FIPB nod and adherence to all other statutory requirements.

     

    Currently, FIIs hold 22.79 per cent stake in Den Networks.

  • Hathway gets RBI approval for upping FDI limit to 74%

    Hathway gets RBI approval for upping FDI limit to 74%

    MUMBAI: After receiving approval from the Foreign Investment Promotion Board (FIPB) for increasing the foreign investment limit from the current 49 per cent to 74 per cent, multi system operator (MSO) Hathway Cable and Datacom has received a nod from the Reserve Bank of India (RBI) as well.  

     

    The RBI granted its approval to the MSO for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs, through primary market and stock exchanges up to 74 per cent of the paid up capital of the company under Portfolio Investment Scheme post approval of the same by FIPB.

     

    “This would be subject to the Regulation 5(2) of FEMA Notification No.20/2000 RB dated May 03, 2000 (as amended from time to time) issued under FEMA, 1999,” the notice said.

     

    RBI has also advised all custodian banks that since the foreign share holding by FIIs/RFPIs in Hathway have gone below the revised threshold limit stipulated under the extant FDI policy, the restrictions placed on the purchase of shares vide its letter dated 20 February, 2015 are withdrawn with immediate effect and hence equity shares of Hathway can now be purchased through primary market and stock exchanges.

  • Hathway Cable gets board nod to hike FII limit to 74 per cent

    Hathway Cable gets board nod to hike FII limit to 74 per cent

    MUMBAI: It was in 2012, when the government had relaxed foreign direct investment (FDI) limit in direct to home (DTH), cable TV industry and teleports from 49 per cent to 74 per cent. In keeping with this, Hathway Cable & Datacom which early this week became the first multi system operator (MSO) to have crossed the $1 billion mark in terms of enterprise valuation, is now probably looking at attracting overseas capital into the company.

    The MSO has in an announcement to the BSE informed that its Board of Directors have approved and passed the resolution to increase the foreign investment limit from the current 49 per cent to 74 per cent, this subject to approval from the Foreign Investment Promotion Board of India, Ministry of Finance and/or the Reserve Bank of India.

    “Subject to receipt of approval of the Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and / or the Reserve Bank of India (RBI) and all other applicable authorities, increasing the foreign investment limit only by Foreign Institutional Investors, Foreign Portfolio Investors, etc. under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of the Foreign Exchange Management Act (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 in the Company from 49 per cent to 74 per cent of the issued arid fully paid-up share capital of the Company,” reads the announcement.

    The Hathway Board has also passed the resolution of a postal ballot notice along with the explanatory statement and calendar of events for seeking approval of the shareholders of the Company by postal ballot for its foreign investment proposal.

    According to Hathway Cable & Datacom CEO and MD Jagdish Kumar Pillai, the cable TV sector is becoming lucrative for foreign investors. Pillai had earlier told Indiantelevision.com, “With broadband and cable TV getting more transparent, the market is viewing this as a great industry to invest in the next five years, and that’s reflected in the balance sheet. It is a promise of a good potential.”

    With the industry getting more organised courtesy its digitsation drive, Pillai expects more foreign investors to pump in funds into the cable TV sector.

     

  • Zeel shares see demand following RBI approval for FII investment

    Zeel shares see demand following RBI approval for FII investment

    MUMBAI: Interest in the Zee Entertainment Enterprises Limited (Zeel) appears to be rising. The stock witnessed a 52 week high of Rs 301.90 on 21 May 2014 and has been trading in the Rs 270 plus range today, rising Rs 7 plus in today’s trading.

     

    Not only did the company announce healthy results and a 200 per cent dividend on 21 May 2014, it has also got approval from the Reserve Bank of India (RBI)  for Foreign Institutional Investors (FIIs) to invest up to 100 per cent in the company under the portfolio investment scheme on 2 June 2014. The investment limit has been revised from the earlier 49 per cent ceiling. The announcement was made by Zeel through a statement issued to the BSE on yesterday. 

     

    “The said communication is based on the proposal approved by the Board of Directors of the Company on 22 May 2013 and by the shareholders by passing a special resolution at the Annual General Meeting held on 25 July 2013,” stated the release on BSE.

     

    The Reserve Bank, through a press statement 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. The purchases could be made through primary market and through stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000 RB dated 3 May 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.”

     

    The approval has been given subject to the condition that “the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, Zeel,” said the RBI in its statement.

     

    The Reserve Bank has notified this under FEMA 1999.

     

    FIIs so far held 48 per cent stake in the company while the promoter and the promoter group’s shareholding was 43 per cent as of March 2013.

     

    Zee Entertainment’s channel portfolio comprises: Zee TV, Zee Cinema, Zee Music, Zee Premiere, ETC, ETC Punjabi, TEN Sports, Zee Studio, Zee Classic and Zee Sports.

     

  • Shyam Equities takes 20% stake in Rajat Sharma’s INS for Rs 1 billion

    Shyam Equities takes 20% stake in Rajat Sharma’s INS for Rs 1 billion

    MUMBAI: Rajat Sharma’s Independent News Service Private Limited (INS), the holding company of India TV, has announced the offloading of 20 per cent stake to Bangalore-based Shyam Equities Private Limited. Shyam Equities is paying Rs 1 billion for the stake, which gives INS an enterprise valuation of Rs 5 billion.

    According to a company release, INS’s enterprise valuation is up a whopping 86 per cent from Rs 2.7 bilion nine months ago.

    Since Shyam Equities is a 100 per cent Indian entity, the foreign individual, foreign company, NRI, OCB, FII and PIO holding in INS remains unchanged.

    The investment information has been filed with the information and broadcasting ministry.

    Sharma expressed “excitement over the strategic growth blue print that will be executed 2008”. The blue print, Sharma said, includes large investments in key strategic areas beyond India TV. This includes a bouquet of channels, a distribution blitz in key international markets, and a significant entry into non-news and non-television media.

    In March last year Fuse+ Media, an entity of ComVentures, a leading Silicon Valley-based venture capital and private equity group with over $1.5 billion of assets under management, had placed an equivalent of Rs 509 million of FDI in INS for a 19.17 per cent stake.

  • IOL Broadband to hike share capital

    IOL Broadband to hike share capital

    MUMBAI: IOL Broadband has decided to increase the authorised share capital of the company from Rs 500 million divided into 50 million equity shares of Rs 10 each to Rs 700 million divided into 70 million equity shares of Rs 10 each.

    The board has agreed to issue and allot, on a preferential basis, upto 7 million equity share warrants (warrants), carrying an entitlement to subscribe to an equivalent number of equity shares of Rs 10 each at Rs 95 to Maula Trading Company, asserts an official release.

    The members will increase the investment limit for Foreign Institutional Investors upto 49 per cent, including their sub- accounts (FIIs), in the shares or bonds convertible into shares of the company, by purchase or acquisition from the market under the portfolio investment scheme under FEMA, subject to necessary provisions and approvals.

    An extra ordinary general meeting (EGM) of the members of the company will be held on 11 December to discuss the aforesaid matters, adds the release.