The decision comes after the Union Cabinet gave its nod to the proposals on June 16.
Till now, only foreign direct investment up to 26 per cent was allowed in the print media but the revised guidelines permit investments by foreign institutional investors, PIOs, and NRIs, though sticking to the same FDI cap.
"Foreign investment, including FDI by foreign entities, NRIs, PIOs etc, and portfolio investments by recognised FIIs, will be allowed up to a maximum of 26 per cent of paid-up equity of the new entity," an official statement said in New Delhi.
It said permission would be granted only in cases where equity held by the largest Indian shareholder is at least 51 per cent of the paid-up equity, excluding the equity held by public sector banks and public financial institutions.
"At least 50 per cent of the foreign direct investment will have to be inducted by issue of fresh equity. The balance may be inducted through transfer of existing equity," it added.
