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MUMBAI:
The twice deferred proposal of Anurradha Prasad's B.A.G Films
for induction of foreign investment and equity for its upcoming
four channels has got Foreign Investment Promotion Board (FIPB)
clearance and has now been been forwarded to the finance ministry
for approval.
Of
the two proposals by B.A.G, one is for induction of foreign
investment and the second is to get in foreign equity via
FCCB.
Confirming
the FIPB approval, B.A.G Films and Media MD Anurradha Prasad
says, "We have received the FIPB clearance, we are awaiting
government's (finance ministry) approval."
As
reported earlier by Indiantelevision.com, B.A.G is planning
to raise $35 million (approximately Rs 1.4 billion) through
a foreign currency convertible bond (FCCB) issue.
In
September, Mauritius based foreign institutional investor
Fidelity (FID Funds Ltd) had announced its intention to take
a 10 per cent stake in B.A.G Films and Media. The investment
is to the tune of Rs 620 million.
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