Goldman Sachs to raise stake in Den Networks for Rs 142 crore

Global investment firm Goldman Sachs is increasing shareholding in cable TV service provider Den Networks to 24.9% by picking up over 1.58 crore shares for Rs 142.43 crore via preferential allotment.

The board of the company has approved allotment of 1.58 crore share having a face value of Rs 10 to Goldman Sachs, Den Networks said in a BSE filing.

The issue price of the preferential allotment is Rs 90 per equity share, including premium, it added.

"With the aforesaid allotment, the holding of affiliates of the Goldman Sachs Group Inc will go up from 17.79% to 24.49%. The total consideration will be Rs 142.43 crore," Den Network said in a BSE filing.

The company said the transaction would be subject to shareholders approval.

Shares of Den Networks were trading at Rs 81.15, up 3.57% in the pre-close session on BSE.