Den Networks rallies on board approval to hike foreign investment limit to 74%

The stock rallied 6.5% to Rs 121 on BSE in early morning trade.

Shares of Den Networks has rallied 6.5% to Rs 121 on BSE after the company engaged in broadcasting and cable TV business said that its board has approved a proposal to increase foreign investment limit to 74% from the existing limit of 49% of the issued and fully paid-up share capital of the company.

“The board of directors of the company has approved through circulation, increase in foreign investment limit in the company by Foreign Institutional Investors (FII), Foreign Portfolio Investors etc., under the portfolio investment scheme from existing 49% to 74% of the issued and fully paid-up share capital of the company, subject to the approval of the Shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and all other applicable acts, laws, rules, regulations, circulars, directions, notifications, press notes guidelines and statutory approvals, if any,” Den Networks said in the notice.

The stock opened at Rs 119 and touched a high of Rs 122 so far. Till 0929 hours, a combined 225,369 shares already changed hands against an average around 200,000 shares that were traded daily in past two weeks on BSE and NSE.