MUMBAI: The Foreign Investment Promotion Board (FIPB) has formally cleared the transfer of equity share held by Cyprus-based GA European Investments in the Prannoy Roy-promoted New Delhi Television Ltd (NDTV). The share transfer amounts to 7.5 per cent of NDTV's equity for Rs 1.16 billion.

Earlier this year, the investment company had proposed to acquire 7.95 per cent, or 48,36,000 equity shares, in NDTV from Jaipur-based Shyam Cellular Infrastructure Projects Ltd.

NDTV had also applied for FIPB clearance whereby promoters Dr Prannoy Roy and Radhika Roy expressed their intention to transfer 15 per cent stake in the company by way of gift to their daughter Tara Roy, a non-resident Indian. The foreign holding from these two stake transfers would amount to 22.5 per cent.

As per the uplinking norms for news and current affairs channels from India, the maximum permissible limit prescribed for foreign shareholding is 26 per cent.