Den Networks makes preferential allotment to Goldman Sachs
DSIJ Intelligence / 20 Sep 2016
In a stock exchange filing, Den Network informed that the board of directors of the company in their meeting held on September 20, 2016, have approved issue and allotment of 1.58 crore shares on a preferential basis to affiliates of the Goldman Sachs Group Company at Rs 90 per equity share.
In a stock exchange filing, Den Network informed that the board of directors of the company in their meeting held on September 20, 2016, have approved issue and allotment of 1.58 crore shares on a preferential basis to affiliates of the Goldman Sachs Group Company at Rs 90 per equity share.
Post issuance of preferential shares, Goldman Sachs' stake has increased to 24.49 per cent from 17.79 per cent. Post the issue, promoter's stake will come down to 37 per cent.
Funds raised through issuance of preference shares will help the company in expanding its current business operations to newer geographies plus would also help in paring down its current debt levels.
Shares of Den Networks surged by more than 8 per cent in trade to hit an intra- day high of Rs 85 on NSE.
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