Goldman Sachs to up stake in DEN Networks by 6.7%

MUMBAI: DEN Networks, Sameer Manchanda-promoted one of India’s largest multi-system operators (MSOs), will allot 1.58 crore (1,58,26,039) equity shares, amounting to 6.7% stake in the company, to Goldman Sachs group.

Goldman Sachs will pay Rs 142.43 crore at Rs 90 per share, to increase its holding in the cable company from 17.79% to 24.49%. The promoter group shareholding will fall to 37%.

DEN said Tuesday its board has approved allotment of shares on a preferential basis to affiliates of Goldman Sachs Group.

Goldman Sachs had first picked up 17.8 per cent stake in DEN in 2013 for Rs 689 crore, at Rs 217.50 per share.

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