MUMBAI: Midday Multimedia Ltd informed the National Stock Exchange that T Rowe Price International, Inc of Singapore has picked up close to 2.19 million shares or five per cent of the company through a preferential allotment at Rs 82 per share.

T Rowe Price will pay Midday Rs 179.58 million for this acquisition.

The board of directors meeting was held on 24 August cleared the proposal to increase the foreign direct investment (FDI) limit up to 26 per cent besides allowing the investment by foreign corporate body/non-resident Indian/foreign institutional investors.

The company will call an extraordinary general meeting (EGM) on 17 September to obtain shareholders' approval for the same.