TV Today shares gain 10% as RBI raises FII investment limit

Shares of TV Today Network surged over 10 per cent in trade on Wednesday after Reserve Bank of India (RBI) on Tuesday allowed foreign investors to invest up to 26 per cent in the media company.
   
The stock hit an intraday high of Rs 281.00, up 10.45 per cent on Bombay Stock Exchange (BSE).

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 26 per cent of the paid up capital of TV Today Network Ltd under the Portfolio Investment Scheme (PIS)," RBI said in a notification.

A total of 1.56 lakh shares changed hands in trade so far, compared with a two-week average of 88 thousands shares on the BSE.

As per data available on BSE, foreign investors held 0.02 per cent in TV Today Network as on September 30.

RBI 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/RFPIs.

FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.

The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.

(With inputs from PTI)