Thursday, June 25, 2009

Astro to up stake in Sun TV's radio subsidiary by 13%

Malaysia-based Astro Group is increasing its stake in Sun TV Network's radio subsidiary South Asia FM Ltd (SAFL) by 13.02 per cent, says a source familiar with the development.

South Asia Multimedia Technologies currently owns 6.98 per cent stake in SAFL and has expressed intent to enhance its stake to 20 per cent through fresh capital infusion.

As reported earlier by, Astro would be picking up equity in SAFL and Sun TV's stake would likely fall by five per cent to 60 per cent.

It is not clear yet what NDTV's holding would be after South Asia Multimedia Technologies hikes up its stake. NDTV currently holds three per cent stake in SAFL, the source adds.

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

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