24 Nov 2017
Live Post
PV Sindhu Enters Quarter-final of Hong Kong Open Super Series
Padmavati cleared for Dec 1 release in Britain, SC allows advocate to file fresh plea
Bharti family pledges Rs 7000 crore towards philanthropy
Indian Navy gets its first woman pilot, 3 women NAI officers
Colonel arrested for raping Lt- Colonel's daughter in Shimla
Pradyuman murder case: Ashok was beaten, tortured and sedated to force his confession, claims wife
Election Commission grants 'two leaves' symbol to unified AIADMK

DEN plans to dilute another 10% in ISL franchise

MUMBAI: Cable TV and broadband service provider DEN Networks plans to offload a further 10% stake in its soccer venture, thus bringing down its holding in DEN Sports to just 10%.

The company had sold 80% stake in the Indian Super League (ISL) franchise Delhi Dynamos FC in two tranches of 55% and 25% to Wall Street Investment.

In the first tranche, the company had offloaded 55% for Rs 43.32 crore, while in the second tranche it sold 25% for an undisclosed sum.

DEN intends to hold the remaining 10% for marketing purpose.

DEN has recovered its investments in the venture. The company had invested about Rs 80-85 crore by way of operating expenses. There was no CAPEX as such.

In FY16, DEN had posted a loss of Rs 43 crore before exceptional items from the soccer franchise against a revenue of Rs 15 crore. However, including the exceptional items of Rs 47 crore from stake sale, the company had posted a net profit of Rs 4 crore. In the previous fiscal, the net loss was Rs 48 crore on revenue of Rs 8 crore.

Following the acquisition of the second tranche in Delhi Dynamos, Wall Street Investments had received an in-principle approval from the Registrar of Companies, NCT of Delhi and Haryana, for changing the name of DEN Sports & Entertainment and DEN Soccer to Delhi Sports & Entertainment and Delhi Soccer, respectively, subject to necessary approvals and filings.