button googleplaybutton appstorebutton blackberry




Production / Distribution

Indian MSO Den plans US$160 million share sale

Cable TV company Den Networks is to raise US$160 million by selling shares to institutional investors, as India embarks on the third phase of its nationwide cable TV digitisation programme.

The Delhi-based multi-system operator (MSO) registered its intent on the Bombay Stock Exchange on 6 May to attract foreign investment equity to help it complete its extensive digital network upgrade. A $110 million preferential equity allotment will – subject to shareholder and regulatory approvals – be made to Goldman Sachs' Singapore-registered affiliates Broad Street Investments and MBD Bridge Street 2013 Investments at a face value of INR10. The board has approved the issue price of INR217.5 each for the preferential allotment, according to the regulatory filing.

The board, which approved a plan for the company to divest 26% equity in March, has also now approved a qualified institutional placement (QIP) plan to raise a reported $50 million at a price of INR217.23 per share.

Den's cable network reaches around 11 million homes and covers over 150 cities in 13 Indian states, including Delhi, Uttar Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan, Haryana, Kerala, West Bengal, Jharkhand, Bihar, Madhya Pradesh and Uttarakhand.

Post your comments

    Most read news

    • Last 7 days
    • Last 30 days
    • Always
    Indian direct to home (DTH) satellite TV operator Videocon d2h is adding Zee TV's high definition (HD) entertainment channel to its...
    Subhash Chandra, the chairman of Dish TV's parent company Essel Group, is looking to work with UAE authorities to stop residents...
    India's Information and Broadcasting ministry has asked the Telecom Regulatory Authority of India (TRAI) to come up with measures to...
    Pay-TV channels are to be added to Arasu Cable TV’s free to air package, which was re-launched by Tamil Nadu Government earlier this...
    A device to inject new life into the tablet industry in India has been launched by the Indian government at a subsidised price of just...
    India's 9X Media is to launch a new 24 hour Marathi music channel called 9X Jhakaas on 31 October, in what is set to be the first of...