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RBI ups foreign fund limit in Zee to 49%

The Reserve Bank of India said on Monday it had raised the ceiling on foreign fund ownership in Zee Telefilms, India's largest listed media company, to 49 per cent.

The earlier limit was 30 per cent.

"Foreign institutional investors can now purchase equity shares and convertible debentures of Zee Telefilms Limited up to 49 per cent of its paid-up capital through primary and secondary markets in India," the central bank said in a statement.

It also noted that the company's board had approved raising the ceiling for foreign fund ownership to 49 per cent.

Zee's shares ended up 4.23 per cent at Rs 135.50 on the Bombay Stock Exchange, whose benchmark index closed up 1.92 per cent.

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