Den Networks stock advances as firm hikes stake in Macro Commerce

NEW DELHI: Shares of Den Networks, which surged over 6 per cent in intraday trade, ended mere 0.39 per cent higher at Rs 89.90. The stock was up after the cable distribution firm told exchanges that it will increase its stake in Macro Commerce to 82.87 per cent.

Den Networks runs a TV merchandise channel, Macro Commerce, in association with Jasper Infotech, a holding company of e-commerce firm Snapdeal.Com. The company at present has 50 per cent share in the firm.

"Den Networks has entered into an agreement with Jasper Infotech Pvt Ltd for increasing equity stake of the company in Marco Commerce,” the company said in a regulatory filing to BSE.

The stock rose 5.75 per cent to hit a high of Rs 94.70 on BSE.

The total cost of acquisition would be Rs 6 crore, in which Rs 1 crore would be for share purchase and rest Rs 5 crore would be on subscription by way of rights, the company told exchanges.