The proposal of wireless broadband services provider Tikona Digital to raise foreign equity participation in the firm to 73.76 per cent for about Rs 250 crore has been approved by the Finance Ministry.
Tikona Digital Networks (TDN) offers secured wireless broadband services to home and enterprise customers in top 25 cities of India.
“The proposal of Tikona Digital Networks Pvt Ltd, Mumbai has been approved,” Finance Ministry said.
Tikona Digital had proposed to increase foreign equity participation from approval level of 72.58 to 73.76 per cent by issuing compulsorily convertible debentures (CCDs) and/or equity shares to International Finance Corporation and other existing non-resident investors, it added.
The proposed amount is about Rs 250 crore, it said.
Tikona aims to build a comprehensive services framework that can deliver leading edge voice, video, IT applications and multimedia content services over any broadband or IP-centric network.