Cable TV distributor and multi system operator Den Networks is going to sell 55% of DEN Sports (which owns Delhi Dynamos, the Indian Super League football sports team) to Wall Street Investments for Rs 43.32 crore ($6.5 million), reports PTI. This will include the sale of shares from Den Network and preferential allotment by DEN Sports, the company said in a BSE notification. Den Networks held 100% equity shares in DEN Sports, which owns 100% equity shares in DEN Soccer. Last month, Den Networks exited (pdf) its 50:50 joint venture Star Den with Star India by selling its stake for Rs 40.53 crore. The joint venture was announced in 2008 for distribution of TV channels in India through fixed networks and was an exclusive distributor for all Star India channels in the domestic network. FIPB for primary market route: In November 2015, Den Networks filed an application with the Foreign Investment Promotion Board (FIPB) to modify the approval to include the primary market route as well. The primary market route could include issuing long term securities to include equity, quasi equity, GDR, QIP, FCCB, preferential allotment, bonds etc. subject to shareholder approval and other laws. In July last year, the company received clearance from the FIPB to increase its foreign investment limit from its then 49% to 74%, which had been deferred in June. Snapdeal-Den shopping TV channel: In January 2015, e-commerce player Snapdeal and Den launched a new TV shopping channel known as “Den Snapdeal TV Shop”. The channel would be…
