Den Networks allots shares to Goldman Sachs Group

In their meeting held on June 5, 2013, the shareholders of Den Networks Ltd had approved with the requisite majority the issue and allotment of shares to Broad Sweet Investments (Singapore) Pte. Ltd and MBD Bridge Street 2013 investments (Singapore) Pte. Ltd., affiliates of The Goldman Sachs Group Inc. (collectively "Investors"), forming part of the non-promoter category of the Company on a preferential allotment basis. The approval was subject to the approval of the Ministry of information and Broadcasting, Government of India ("MIB"). The MIB approval was received by the Company on September 16, 2013

Pursuant to receipt of the MIB approval, the Company has also received the Investment amount of Rs. 689.67 crores from the Investors. Subsequently, the Board has in a meeting held on September 27, 2013, allotted shares of the Company to the Investors.

Shares of Den Networks Ltd last traded in BSE at Rs.167.55, down by Rs.0.45 or 0.27%. The stock hit an intraday high of Rs.170.90 and low of Rs.165.40.

The total traded quantity was 0.12 lakhs compared to 2 week average of 0.65 lakhs.

Source : Equity Bulls

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