Moneycontrol
Last Updated : Oct 17, 2018 07:28 PM IST | Source: Moneycontrol.com

Den Networks to raise Rs 2,045 crore through preferential allotment to Reliance Jio

The company will be creating, offering, issuing and allotting, in one or more tranches 28,14,48,000 preferential equity shares at an issue price of Rs. 72.66 per equity share.

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Den Networks, on Wednesday, announced that it is raising Rs 2,045 crore through a preferential allotment to Reliance Jio.

The company will be creating, offering, issuing and allotting, in one or more tranches 28,14,48,000 preferential equity shares at an issue price of Rs. 72.66 per equity share.

den networks

The firm has convened an extra-ordinary general meeting of the shareholders on November 14, 2018 along with the draft notice convening the meeting to be issued to the shareholders for seeking their approval for

- Increasing the authorised share capital of the company from Rs 200 crore to Rs 500 crore as well as giving a nod to proposed preferential allotment.

Brokerage houses had pegged the deal to be positive for the company as it would increase its broadband business.

"Potential deal will give Reliance Industries access to broadband homes and subscribers, and will drive market share gains and help gain wallet share among consumers at top-end," CLSA had said in its research note.

Macquarie said the primary benefit of this deal would be gaining access to the last mile, and the deal will strengthen the bargaining power of Hathway and Den with regard to broadcasters.

At the close of market hours, Den Networks was quoting at Rs 75.70, up Rs 1.45, or 1.95 percent.

Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Oct 17, 2018 07:26 pm
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