MUMBAI: Astro's South Asia Multimedia Technologies Ltd (SAMTL) will infuse between Rs 750 million to Rs 1 billion into Sun TV Network's radio subsidiary company South Asia FM Ltd (SAFL) where it has expressed intent to up its stake from 6.98 per cent to 20 per cent.
The follow-up to this fund inflow will be a capital restructuring in SAFL. As reported earlier by Indiantelevision.com, Sun TV's stake would likely fall by five per cent to 60 per cent.
"SAMTL will pump in between Rs 750 million to Rs 1 billion for the stake hike," says a source in the company.
Sun TV's two FM radio subsidiaries, SAFL and Kal Radio Ltd, have a total debt of Rs 2 billion. "We may decide to retire part of this debt. About Rs 1.3 billion has come in from the parent company," says the source. Click here to read more..