Moneycontrol
Oct 19, 2016 06:07 PM IST IST | Source: PTI

CCI clears Goldman Sachs additional stake buy in Den Networks

Investment banking major Goldman Sachs has received the Competition Commission's nod to hike its stake in Den Networks to over 24 per cent by acquiring additional shares through preferential allotment route.


Investment banking major Goldman Sachs has received the Competition Commission's nod to hike its stake in Den Networks to over 24 per cent by acquiring additional shares through preferential allotment route.


Under the deal announced last month, Goldman Sachs would pick up over 1.58 crore shares for more than Rs 142 crore in the cable TV service provider.


The transaction which would increase Goldman Sachs holding in the company to 24.49 per cent has been cleared by the Competition Commission of India (CCI), as per the regulator's website.


The holding of affiliates of the Goldman Sachs Group would go up from 17.79 per cent to 24.49 per cent. The total consideration would be Rs 142.43 crore, Den Networks had said in a BSE filing.


The additional acquisition would be done by the holding companies of Goldman Sachs -- Broad Street Investments (Singapore) Pte (BSIPL) and MBD Bridge Street 2016 Investments (Singapore) Pte (MBD), according to filing submitted to CCI.


BSIPL and MBD are investment holding companies and are not engaged in business of manufacturing of products or the provision of service.

Den Networks is into distribution of television channels through analog as well as digital modes.

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