Den Networks retreats after gaining on nod to merger of 23 arms

NEW DELHI: Shares of Den Networks climbed over 4 per cent in early trade on Monday after the company informed BSE that National Company Law Board has approved the composite scheme of arrangement for merger of 23 subsidiaries and demerger of a subsidiary with a wholly owned subsidiary.

The announcement came in post market hours of Friday. Following the development, the stock rose 4.13 per cent to hit a high of Rs 86.85. It eventually shed its gains to end the day at Rs 81.10, down 2.76 per cent on BSE.

The broadcasting and cable TV service provider has reported a consolidated net loss to Rs 10.11 crore for the June quarter.

This was, however better than a consolidated net loss of Rs 45.51 crore Den Networks reported in the corresponding quarter of last year. NET debt of the company declined to Rs 134 crore as of June 30 from Rs 181 crore as at March 31.