Den Networks has received an approval from board of directors to increase the limit of foreign investment from 49% to 74%. However, this hike is subject to the approval from its shareholders and regulatory bodies.
“The board of directors of the company has approved through circulation, increase in foreign investment limit in the company by Foreign Institutional Investors, Foreign Portfolio Investors etc, under the portfolio investment scheme from existing 49% to 74% of the issued and fully paid-up share capital of the company, subject to the approval of the Shareholders, Foreign Investment Promotion Board of India, Ministry of Finance and all other applicable acts, laws, rules, regulations, circulars, directions, notifications, press notes guidelines and statutory approvals, if any,” said Den Networks in a notice.
Den Networks has presence in over 200 cities. It claims to have over 5.7 million digital cable subscribers. Den Networks has incurred a loss of INR626 million in Q3 FY 2015. The MSO has generated a consolidated revenue of INR2.6 billion in the third quarter FY 2014-15 as against INR2.74 billion in the third quarter FY 2013-14.
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