US-based retirement fund hikes stake in Den Networks to 6%

MUMBAI: The US-based College Retirement Equities Fund has raised its holding in cable distribution firm Den Networks to about 6 per cent in a deal estimated to be about Rs 15 crore.

TIAA-CREF ( Teachers Insurance and Annuity Association - College Retirement Equities Fund) Investment Management LLC has bought 1,306,391 shares or one per cent stake in Den Networks, the cable operator informed the BSE today.

However, the price at which shares were bought was not disclosed. At Den's market price of Rs 112.75 apiece on Wednesday, the size is estimated at about Rs 14.72 crore.

With this transaction, which happened on July 11, TIAA- CREF's total stake in Den Networks has increased to 5.93 per cent, the BSE filing said.

Prior to the transaction, TIAA-CREF held 4.93 per cent stake in Den Networks.

Following the announcement, Den's stock surged 6 per cent to Rs 120.70 apiece in the afternoon trade on the BSE.

TIAA-CREF is a financial services firm with $487 billion in assets under management. It helps those in the academic, medical, cultural, governmental and research fields plan for retirement.