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Our Bureau

New Delhi , Nov. 11

THE Foreign Investment Promotion Board on Friday approved the proposal of Cyprus-based GA European Investments to acquire 7.6 per cent stake in New Delhi Television (NDTV) Ltd for about Rs 116 crore.

The company had last month informed the National Stock Exchange that GA European was planning to purchase the stake from Shyam Cellular Infrastructure Project, an entity of the Shyam Telecom group.

As on September 30, 2005, the Indian promoters held about 54.78 per cent in NDTV, followed by mutual funds and UTI. Private corporate bodies held 13.58 per cent and 18.46 per cent, respectively. Foreign institutional investors held about 3.05 per cent stake.

Along with this, NDTV had also informed the exchange that the promoters, Dr Prannoy Roy and Ms Radhika Roy, proposed to transfer shares constituting 15 per cent of the company's total paid-up equity capital, by way of gift to their daughter Ms Tara Roy, a non-resident Indian. This proposal too is pending with the Government.

With these two transactions, the foreign holding in the company would reach 26 per cent, the maximum permissible limit prescribed under the guidelines for uplinking of news and current affairs TV channels from India. On the Bombay Stock Exchange, the NDTV scrip today closed at Rs 169.40, a gain of 1.04 per cent.

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