Cable television services firm Den Networks today purchased additional 37.57 per cent shares in its subsidiary DEN Digital Cable Network, increasing its stake from 51 per cent to 88.57 per cent.
"Den Networks Ltd has entered into an agreement with DEN Digital Cable Network (DDCN) for increasing equity stake of the company in DDCN from 51 per cent to 88.57 per cent," Den Networks said in a BSE filing."
The company has purchased equity stake from the existing shareholders of DDCN, it added. The cost of additional share purchase is Rs 4.60 crore.
DDCN carries its business of cable services in Gurgaon and the additional acquisition would help consolidate the cable business of the company in the state of Haryana.
Shares of Den Networks settled at Rs 81.25, up 0.68 per cent from previous close on BSE.
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