India Value Fund Advisors (IVFA), the majority stakeholders in India’s 20-station network Radio City 91.1 FM, are looking to offload 51 per cent stake in the company, says exchange4media.

Sources have claimed that that the venture capitalist firm is expecting to raise $57.11 million (Rs 3.5 billion) to $65.27 million (Rs 4 billion) from the sale.

Media reports had earlier suggested that the company may float an IPO in 2015, but a Radio City spokesperson told the publication that they are looking at various options to raise funds for expansion in Phase III of FM licensing in the country.

According to industry sources, the company is said to be in talks with a few major corporations including two large print publications.

One source also claimed to exchange4media that negotiations with an MNC broke down earlier this year due to the current 26 per cent cap on Foreign Direct Investment (FDI) in radio in India.