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Den Networks to raise Rs 142 cr via preferential allotment

Press Trust of India  |  New Delhi 

Cable TV service provider Den Networks today said its shareholders have approved the company's proposal to raise Rs 142.43 crore via preferential allotment to global investment firm

The shareholders approved the resolution at its Annual General Meeting with 99.98 per cent majority, the firm said a regulatory filing.

In September this year, Den Networks said the board of the company has approved allotment of 1.58 crore share having a face value of Rs 10 to

The issue price of the preferential allotment is Rs 90 per equity share, including premium, it added.

"With the aforesaid allotment, the holding of affiliates of the Group Inc will go up from 17.79 per cent to 24.49 per cent. The total consideration will be Rs 142.43 crore," Den Network said in a filing.

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

First Published: Sat, October 15 2016. 16:57 IST