(3 August 2009 5:45 pm)

MUMBAI: Sun TV Network Ltd has announced the completion of stake transfer in its radio subsidiary South Asia FM Ltd (SAFL) to South Asia Multimedia Technologies Ltd (SAMT).

SAMT, a subsidiary of Malysia-based Astro, already had 6.98 per cent stake in SAFL, which it has increased to 20 per cent.

Indiantelevision.com earlier reported that Astro will infuse between Rs 750 million to Rs 1 billion into SAFL for the stake. This fund-inflow has followed a capital restructuring in SAFL and Sun TV's stake has fallen by five per cent to 59.15 per cent.

"SAMT a shareholder of SAFL, subsidiary of Sun TV Network has increased its stake in the equity of SAFL from 6.98 per cent to 20 per cent and the present shareholding of Sun TV Network Ltd in SAFL is 59.15 per cent," Sun TV said in a filing to BSE.

In April, SAFL got the FIPB (foreign investment promotion board) nod to increase the foreign direct equity participation.

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