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Goldman Sachs to acquire additional 6.7% stake in DEN Networks for Rs 142.4 cr

MUMBAI: Goldman Sachs is acquiring an additional 6.7% stake in DEN Networks for Rs 142.43 crore (Rs 1.42 billion).

With this, Goldman Sachs’ holding in DEN Networks will increase from 17.79% to 24.49%.

DEN-new-logo-coverDEN’s board has approved allotment of 1.58 crore (1,58,26,039) equity shares on a preferential basis to affiliates of Goldman Sachs Group at Rs 90 per share.

Post preferential allotment, the promoter group shareholding will fall to 37%.

The new capital will be utilised for paring debt and expanding the broadband business.

The board has convened an extraordinary general meeting of the company to obtain shareholders’ approval on 14 October for the proposed preferential allotment.

In 2013, DEN had offloaded 17.8% stake to Goldman Sachs for Rs 689 crore (Rs 6.89 billion). It owned the stake through two adffiliates, Broad Street Investments (Singapore) Pte Ltd and MBD Bridge Street. DEN had issued the shares at Rs 217.50 apiece. 

On Tuesday, shares of DEN closed 3.19% higher at Rs 80.85 on the BSE.

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