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Den Network gets board nod to include primary market route for foreign investment

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MUMBAI: Den Network's board of directors has given its nod for filing of application to Foreign Investment Promotion Board (FIPB) for modification of the approval to include the primary market route as well. 

The primary market route could  include issuance of long term securities including equity, quasi equity, GDR, QIP, FCCB, preferential allotment, bonds or any other appropriate securities, subject to the approval of the shareholders and all other applicable laws and statutory approvals as may be required.

The board considered that the company has already got the approval from FIPB, Ministry of Finance on 14 August, 2015 to increase foreign investment limit in the company beyond 49 per cent and up-to 74 per cent by FIIs, NRIs, FPls and other eligible foreign investors through the route of secondary market and open market purchase. 

It may be recalled that late last month, the Reserve Bank of India (RBI) too gave the company its approval for foreign investors to raise their stake in the company up to 74 per cent.

At the end of the September quarter (Q2-2016), foreign portfolio investors (FPIs) held a 22.79 per cent stake in the company, whereas the promoters' stake in the cable operator was 40.05 per cent.

The company's Board of Directors, at its meeting held on 3 November, also approved the resignation of nominee director of the company Shahzaad S Dalal. 



 

Den also approved the appointment of Krishna Kumar as non executive nominee director of the company.  

Den Network will also seek approval from the Ministry of Information and Broadcasting (MIB) and statutory authorities for the appointment of Archana Hingorani as non-executive nominee director.

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