Bucking the broader market sentiment, shares of Reliance Broadcast Network Ltd (RBNL) jumped by 7% 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% 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% to an early peak of Rs 73.90 on the BSE.
Meanwhile, the BSE benchmark Sensex was down by 264.87 points at 17,913.46 at 1105 hours.