The Goldman Sachs Group has picked up an additional 6.7% stake of 1.58 crore (1,58,26,039) equity shares in Den Networks. Goldman Sachs will now have a 24.49% in the company, and the additional stake will give Den Rs 142.43 crore ($21.26 million). The promoter group’s stake in Den will be reduced to 37%. Goldman Sachs had picked up a 17.8% stake in the company for Rs 689 crore in 2013. Its stake in Den Networks is held through affiliates Broad Street Investments (Singapore) Pte Ltd and MBD Bridge Street 2013 Investments (Singapore) Pte Ltd. Den Networks will use the funds for its broadband business and reduce its debt. In November last year, the cable TV distributor and multi system operator filed an application with the Foreign Investment Promotion Board (FIPB) to modify the approval to include the primary market route as well, which 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. At the quarter ended September 2015, FPIs held 22.79% stake in the company, while the promoter’s stake was 40.05%. In July 2015, 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 2015. Snapdeal-Den shopping TV channel In January last year, Snapdeal and Den launched a new TV shopping channel known as “Den Snapdeal TV Shop”. This was essentially an extension of the pilot announced in September…
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