Shares of Den Networks rallied 5 percent intraday Monday. A media report indicated that Star India has entered the race to acquire Sameer Manchanda's company.
"Star India's interest in Den initiated after differences cropped up with Den's previous suitor Subhash Chandra's SITI Cable. Apart from valuations, SITI and Den also disagreed on the role that Manchanda could likely play after the transaction," a media report said quoting unnamed sources.
According to reports, Den had valued at about Rs 2,000 crore when negotiations were with SITI and the renewed talks with Star India could now be at premium.
DEN's current market capitalisation stands at Rs 1,577.07 crore.
However, the company denied this news, saying it has a policy not to comment on any market speculation.
Recently the company sold its entire 50 percent stake in Star Den Media Services to its partner Star India. It also sold 55 percent stake in Den Sports to Wall Street Investments for Rs 43 crore.
At 14:42 hours IST, the scrip of Den Networks was quoting at Rs 88.50, up Rs 1.05, or 1.20 percent on Bombay Stock Exchange.
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