Den Networks:Sell its 55% equity in Den sports

Apr 14 2016 05:31 PM
Den Networks:Sell its 55% equity in Den sports

Den Networks ,Cable TV distribution company will sell 55% of Den Sports, which indirectly owns Indian Super League team Delhi Dynamos, to Wall Street Investments for Rs 43.32 crore. Den Network informed BSE,"entered into an agreement with Wall Street Investments for selling off 55% equity in Den Sports for a consideration of Rs 43.32 crore," Further said,"this includes the sale of shares from Den Networks and preferential allotment by Den Sports".

On March 29, 2016, both the firms entered into sales agreement. Earlier to the agreement, Den was holding 100% equity shares in Den Sports which in turn owns 100% equity shares in Den Soccer.

Den Soccer is the operating company which owns controls and manages Indian Super Leagues team Delhi Dynamos. The shares of Den Networks shares settled 13.82% higher at Rs 98.85 a piece on the BSE,on Friday

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