TV Today Network, one of India's leading English-Hindi news television networks, witnessed a sharp rise in share price on Wednesday after the Reserve Bank of India (RBI) has Tuesday notified that foreign institutional investors (FIIs), registered foreign portfolios investors (RFPIs) can now invest up to 26% of the paid up capital of TV Today Networks  under the portfolio investment scheme (PIS).

The RBI said, ''the company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.''

''The purchases could be made through primary market and stock exchanges and would be subject to Regulation 5(2) of FEMA Notification No.20/2000-RB dated May 03, 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank. The Reserve Bank has notified this under FEMA 1999," it added.

Shares of the company are trading at Rs 276, up Rs 21.6, or 8.49% at the Bombay Stock Exchange (BSE) on Wednesday at 1:51 p.m.

Total volume of shares traded on the bourses today was higher by 412.96% to 1,343,135 compared with 22-day average volume of 261,840.