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Den Networks gets approval from shareholders to demerge its broadband arm Skynet
MUMBAI: Den Networks has received shareholders’ approval to demerge its broadband business into a wholly owned subsidiary called Skynet Cable Network.
“The scheme of arrangement has been approved by members of the company,” said Den Network in a regulatory filing.
The multi-system operator (MSO) had earlier received board approval to demerge Skynet Cable Network.
The demerger is meant to achieve “structural and operational efficiency”, “enhance competitiveness and greater accountability”, “accelerate value creation” for shareholders and allow “a focused attention in the ISP business”.
DEN’s ISP arm reported a turnover of Rs 40.63 crore in FY 2015-16 and accounted for a 3.53% share in the MSO’s total revenue.