Den Networks raises Rs 689 cr via preferential share allotment

Sep 27 2013, 19:22 IST
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SummaryDen Network alloted 3.17 crore equity shares at Rs 217.50 apiece on preferential basis.

Cable television services firm Den Networks Ltd today said it has raised Rs 689.67 crore from preferential share allotment to affiliates of the Goldman Sachs Inc.

Den Network alloted 3.17 crore equity shares at Rs 217.50 apiece on preferential basis to Goldman Sachs Inc's affiliates Broad Street Investments (Singapore) Pte Ltd and MBD Bridge Street 2013 Investments (Singapore) Pte Ltd.

"In a meeting held on June 5, shareholders of the company had approved with the requisite majority the issue and allotment of shares to Broad Street Investments (Singapore) Pte Ltd and MBD Bridge Street 2013 Investments (Singapore) Pte Ltd," Den Networks said in a BSE filing.

"The approval (of shareholders) was subject to approval of the Ministry of Information and Broadcasting. Approval was received on September 16. The company has received Rs 689.67 crore from the the investors and alloted shares to the investors," the statement added.

Post preferential share issue, Broad Street Investments (Singapore) Pte Ltd's shareholding in the company is 16.18 per cent and MBD Bridge Street 2013 Investments (Singapore) Pte Ltd's shareholding is 1.62 per cent.

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