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DEN to get foreign investment by way of shares but within limit approved in August

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NEW DELHI: DEN Networks Limited has been permitted to get foreign investment in the company by way of issue of shares or underlying securities like QIIs/ADRs/GDRs/FCCBs and other permitted securities for its telecom business.

However, the Foreign Investments Promotion Board (FIPB) has said that DEN had been granted approval on 14 August last year for investment from FIIs/NRIs/FPIs upto 74 per cent in the company and this fresh application would be within the same approved foreign investment limit and thus involve no extra foreign investment.

At the same time, the Ministry approved the proposal by the telecom player Atria Convergence Technologies seeking approval for transfer of its shares from existing non-resident shareholders to Argan (Mauritius) Limited and TA FVCI Investors Limited. This will not involve any foreign investment.

The Ministry forwarded to the Cabinet Committee on Economic Affairs the proposal of ATC Asia Pacific Pte. Ltd seeking approval has been sought for acquisition of 51 per cent of the shareholding of Viom Networks Limited by ATC Asia Pacific Pte. Ltd. (ATC Singapore) by way of transfer from existing shareholders as it involved a huge foreign direct investment of Rs 5856.51 crore.

On the other hand, the Finance Ministry on the advice of FIPB deferred the proposal by Jasper Infotech for making downstream investment in Macro Commerce by purchasing 50 per cent stake in the company from DEN Networks, which is its existing holding company.

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