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CCI clears Goldman Sachs additional stake buy in Den Networks

Press Trust of India  |  New Delhi 

Investment major has received the Competition Commission's nod to hike its stake in Den Networks to over 24 per cent by acquiring additional shares through preferential allotment route.

Under the deal announced last month, would pick up over 1.58 crore shares for more than Rs 142 crore in the cable TV service provider.

The transaction which would increase holding in the company to 24.49 per cent has been cleared by the Competition Commission of (CCI), as per the regulator's website.

The holding of affiliates of the Goldman Sachs Group would go up from 17.79 per cent to 24.49 per cent. The total consideration would be Rs 142.43 crore, Den Networks had said in a filing.

The additional would be done by the holding companies of Goldman Sachs -- Broad Street Investments (Singapore) Pte (BSIPL) and MBD Bridge Street 2016 Investments (Singapore) Pte (MBD), according to filing submitted to CCI.

BSIPL and MBD are investment holding companies and are not engaged in business of manufacturing of products or the provision of service.

Den Networks is into distribution of television channels through analog as well as digital modes.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 17:22 IST