Reliance Broadcast Network Limited's (RBNL) pitch to sell up to 20 per cent stake in a bid to bring in foreign investment of Rs 45.47 crore has obtained the government nod.
The Company had applied to the FIPB for the "induction of foreign investment by foreign institutional investors (FII), non-resident Indians (NRI) by way of fresh allotment of shares by private placement or otherwise, and/or investments through stock exchanges by way of portfolio investments, up to the limit of 20 per cent of the total paid-up capital of the company."
Meanwhile, subsequent to the Foreign Investment Promotion Board (FIPB) permitting 9X Media to make an amendment in foreign collaboration, private equity firm New Silk Route Mauritius can now make an additional investment of Rs 55 crore as share capital in the company.
Pradeep Guha, former CEO of Zee Entertainment Enterprises, will also have a stake in 9X Media. With this approval, NSR will now increase its stake at 9X Media to 80 per cent from the current 20 per cent. The company intends to use the capital to expand into the regional space as it plans to launch regional language music channels in Punjabi and Bengali. A multi-lingual south music channel is also on the table.