Den Network spikes amid acquisition talks
Amir Shaikh / 27 Sep 2017
Traders seemed excited about this development and, as a result, Den Network witnessed a gap-up opening of 12 per cent, despite weakness in major indices.
India’s largest company by market capitalisation, Reliance Industries Ltd (RIL), is in talks to acquire multi-system operator (MSO) Den Network, as per a leading English daily. RIL’s move is expected to be in the direction to launch its home broadband and cable TV services.
Reliance Industries has already obtained MSO licence from the Information and Broadcasting Ministry in the year 2015. RIL has also laid wide fibre cable network throughout the country.
As per media sources, the deal is expected to be pegged at Rs 2000 to Rs 2200 crore. Post this acquisition, RIL will be able to get access to 1.3 crore cable TV subscribers and 1,93,000 broadband subscribers. Den Network has presence in over 400 towns spread across 13 states.
Traders seemed excited about this development and, as a result, Den Network witnessed a gap-up opening of 12 per cent, despite weakness in major indices. However, the scrip cooled down later and was closed at Rs 91.5 for the day, up by 4 per cent.
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