Govt allows Tikona Digital to raise Rs250 crore from equity sale
The broadband services provider had proposed to increase foreign equity participation from 72.58% to 73.76%
New Delhi: The finance ministry has approved wireless broadband services provider Tikona Digital Networks Pvt. Ltd’s proposal to raise foreign equity participation in the firm to 73.76% for about ₹ 250 crore.
Tikona Digital Networks offers secured wireless broadband services to home and enterprise customers in 25 cities across India.
Tikona Digital had proposed to increase foreign equity participation from 72.58% to 73.76% by issuing compulsorily convertible debentures (CCDs) and/or equity shares to International Finance Corp. and other existing non-resident investors, the finance ministry said.
Tikona aims to build a comprehensive services framework that can deliver voice, video, information technology (IT) applications and multimedia content services over any broadband network.
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