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FIPB approves DEN Networks’ proposal to increase FDI limit
MUMBAI: The Foreign Investment Promotion Board (FIPB) has approved Sameer Manchanda-promoted multi-system operator (MSO) DEN Networks’s proposal to increase the foreign investment limit in the company beyond 49 per cent and up to 74 per cent.
FIPB cleared DEN’s proposal on 13 July in its meeting chaired by Finance Secretary Rajiv Mehirshi.
DEN Networks is the second-largest MSO in the country with a digitised base of 7 million and a total universe of 13 million. However, as of end of FY15, its broadband subscriber count stood at just 23,000.
The company, which has 22.18 per cent FII shareholding as on 30 June, had secured board approval for increasing the foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through secondary market/open market purchase.
In May, it also got its shareholders’ nod for the same via postal ballot.
Meanwhile, the news of FIPB approval resulted in a spurt in trading volume of DEN shares on the BSE on Tuesday. DEN shares closed at Rs 147.35, up 1.87 per cent compared to its previous close after touching an intra-day high of Rs 151.