Cable TV distribution company Den Networks will sell 55 per cent of Den Sports, which indirectly owns Indian Super League team Delhi Dynamos, to Wall Street Investments for Rs 43.32 crore. The company has “entered into an agreement with Wall Street Investments for selling off 55 per cent equity in Den Sports for a consideration of Rs 43.32 crore,” Den Networks informed BSE. It further added that “this includes the sale of shares from Den Network and preferential allotment by Den Sports”. Both firms entered into sales agreement on March 29, 2016. Prior to the agreement, Den was holding 100 per cent equity shares in Den Sports which in turn owns 100 per cent equity shares in Den Soccer. Den Soccer is the operating company which owns, controls and manages Indian Super Leagues team Delhi Dynamos. Den Networks shares today settled 13.82 per cent higher at Rs 98.85 apiece on BSE.
Source: Economic TimesDen Networks to sell 55% stake in Den Sports for Rs 43.32 crore.
Industry: Entertainment 2016-04-04
