Industry

Goldman Sachs to buy 6.7% more in DEN Networks

Sameer Manchanda-promoted DEN Networks, one of India's largest multi-system operators (MSOs), has agreed to allot 1.58 crore equity shares or 6.7% stake in the company, to global investment firm Goldman Sachs group for Rs 142.43 crore.

“The.. board approved (the) issue price of Rs.90 per equity share... for preferential allotment to affiliates of Goldman Sachs group,” said DEN Networks in a notification to the exchanges. The company’s share price rose 2 per cent to Rs 79.80 on the NSE today.

With this transaction, Goldman Sach’s stake in DEN Networks will rise from 17.79 per cent to 24.49 per cent while the promoter’s shareholding will fall to 37 per cent. Goldman Sachs had picked up 17.8 per cent stake in DEN in 2013 for Rs.689 crore, at Rs 217.50 per share.