Den Networks gains on preferential issue plan to global financial investors

The stock rallied 10% to Rs 80 after the company said its board will meet on September 20 to consider a preferential issue to leading global financial investors.

Den Networks has rallied 10% to Rs 80 on the BSE in early morning trade after the company said its board will meet on Tuesday, September 20 to consider a preferential issue to one of the leading global financial investors.

“The board of directors of the company will meet on September 20, 2016,  to discuss and approve proposal for preferential issue of equity shares to one of the leading global financial investors who will form part of the persons belonging to non promoter category,” Den Networks said in a statement.

In past one-month, the stock had underperformed the market by falling 16%, as compared to 1% rise in the S&P BSE Sensex till Thursday.

At 09:28 am, the stock was up 7% at Rs 78 on the BSE, against 0.82% gain in the benchmark index. A combined 276,977 shares changed hands on the BSE and NSE so far.