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DEN Networks to dilute additional 25% stake in soccer biz
MUMBAI: Sameer Manchanda-promo
With this, DEN Networks will trim its holding in DEN Sports from 45% to 20%. DEN Soccer is the operating company that owns, controls and manages Indian Super League (ISL) team Delhi Dynamos FC.
Post this transaction, Wall Street Investments will increase its stake in DEN Sports to 80%.
The board of directors of DEN Sports and DEN Soccer have approved of the transfer of 25% stake of DEN Sports from DEN Networks.
Earlier this year, DEN had offloaded 55% stake in DEN Sports for Rs 43.32 crore (Rs 433.2 million).
The dilution of stake in the soccer business is part of DEN’s strategy to focus on its core cable TV and broadband business.
Wall Street Investments is represented by its agents, GMS (JLT). Based out of Dubai, GMS acts as an agent for its principals, which has broader interests in the shipping industry.
Meanwhile, Wall Street Investments has received an in-principle approval from the Registrar of Companies, NCT of Delhi & Haryana for changing the name of DEN Sports & Entertainment Pvt. Ltd. (“DEN Sports”) and DEN Soccer Pvt. Ltd. (“DEN Soccer”) to Delhi Sports & Entertainment Pvt. Ltd. (“Delhi Sports”) and Delhi Soccer Pvt. Ltd. (“Delhi Soccer”) respectively, subject to necessary approvals and filings.