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NEW
DELHI: Global Broadcast News Ltd. has got the government nod
to induct up to 26 per cent foreign direct investment (including
foreign institutional investors) worth Rs 5 billion.
GBN
runs English and Hindi news channels CNN-IBN and IBN-7.
Part
of the Network18 Group, GBN had raised Rs 1.05 billion from
the capital market with an initial public offer (IPO) early
this year.
GBN had earlier taken board approval to raise capital up to
$200 million by way of international offerings.
The Foreign Investment Promotion Board (FIPB), in its meeting
held on 14 December, has also cleared a proposal by Publicis
Groupe Holding BV, Netherlands for acquisition of 100 per
cent shares of an Indian company engaged in the business of
public relations and advertising. The proposal attracts FDI
of Rs one million.
The
FIPB also cleared a proposal by Chowdhury Enterprises to undertake
additional activities of film related services like editing,
digital sound recording and telecine transfer. This does not
involve any fresh fund inflow.
Meanwhile,
the decision on two proposals by B.A.G Films and Media Ltd
for induction of foreign equity into a holding company having
downstream investment in the companies for uplinking news
channels, non-news channels and FM Radio have been deferred
by the FIPB.
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