 "TV Today Network surges post RBI nod to FII investment limit hike")
TV Today Network has rallied 8% to Rs 274 on the BSE in otherwise weak market, after the Reserve Bank of India (RBI) on Tuesday notified that foreign investors to invest up to 26% in the company.
"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.
The RBI has stated that 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.
The stock hit a high of Rs 281 in intra-day trade on the BSE. The trading volumes on the counter nearly double with a combined 1.04 million shares changed hands on the BSE and NSE till 11:32 AM. The S&P BSE Sensex, meanwhile, was down 0.35% or 90 points at 26,079.
"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.
The RBI has stated that 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.
The stock hit a high of Rs 281 in intra-day trade on the BSE. The trading volumes on the counter nearly double with a combined 1.04 million shares changed hands on the BSE and NSE till 11:32 AM. The S&P BSE Sensex, meanwhile, was down 0.35% or 90 points at 26,079.