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Den Network gets RBI nod for increase in FDI to 74%

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BENGALURU: After receiving Foreign Investment Promotion Board’s (FIPB) permission to increase its foreign direct investment (FDI) limit from the existing 49 per cent to 74 per cent a few months ago, Den Network Limited has now received approval for the same from the Reserve Bank of India (RBI).

A letter from Den Network’s company secretary Jatin Mahajan to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) says that the company has received approval from the RBI for increase in FDI limit beyond 49 per cent and up-to 74 per cent by Foreign Institutional Investors (FII), Non Resident Indians (NRI), Foreign Portfolio Investors (FPI) and other eligible foreign investors.

The approval is subject to compliance Regulation 5(2) of FEMA Notification No 20/2000 RBI dated 3 May, 2000 (as amended time to time) issued under FEMA 1999 and conditions specified in FDI Policy circular dated 12 May, 2015.

As was reported earlier by Indiantelevision.com, with this, the company which is currently building its broadband base and also working towards digitisation in phase III and IV areas, is looking at attracting overseas capital into the company.

It can be noted that Den Networks had sought for increase in FDI limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.

Earlier in March this year, the Board of Directors of Den Networks had approved this proposal to increase foreign investment limit. The decision was subject to shareholder approval (through postal ballot), FIPB nod and adherence to all other statutory requirements.

Currently, FIIs hold 22.79 per cent stake in Den Networks.

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