Times Now gets FIPB nod for Rs 343 million from Reuters

MUMBAI: Times Global Broadcasting Co. Ltd, which operates the 24-hour news channel Times Now, has received FIPB (foreign investment promotion board) clearance to induct Rs 343.5 million by issuing non-convertible redeemable cumulative preference shares to Reuters Singapore.

A source in Times Now says fresh investments are being put in by way of subscribing to 34.35 million non-convertible redeemable cumulative preference shares.

Earlier, Reuters had invested in Times Global in line with the uplinking restriction of 26 per cent foreign holding in news channels.

The government today approved 13 foreign direct investment (FDI) proposals amounting to Rs 4.77 billion including that of Times Now.