 "Den Networks gains on FIPB nod for increase in FII limit")
Shares of Den Networks have rallied 7% to Rs 137 on the BSE in early morning trades in an otherwise weak market after the company received nod from the Foreign Investment Promotion Board (FIPB) to increase foreign investment limit in the company by upto 74%.
“The company has received approval of the Foreign Investment Promotion Board (FIPB) for increase in foreign investment limit in the company beyond 49% and up-to 74% by foreign institutional investors (FIIs), non resident Indians (NRIs), foreign portfolio investors (FPIs) and other eligible foreign investors through route of secondary market/open market purchase,” Den Networks said in a statement.
The approval is subject to compliance of conditions specified in consolidated foreign direct investment (FDI) policy circular dated May 12, 2015, the company added.
At 09:23 AM, the stock was up 4% at Rs 133 on the BSE compared to a 1.68% decline in the S&P BSE Sensex. A combined 36,805 shares changed hands on the counter on the BSE and NSE so far.
“The company has received approval of the Foreign Investment Promotion Board (FIPB) for increase in foreign investment limit in the company beyond 49% and up-to 74% by foreign institutional investors (FIIs), non resident Indians (NRIs), foreign portfolio investors (FPIs) and other eligible foreign investors through route of secondary market/open market purchase,” Den Networks said in a statement.
The approval is subject to compliance of conditions specified in consolidated foreign direct investment (FDI) policy circular dated May 12, 2015, the company added.
At 09:23 AM, the stock was up 4% at Rs 133 on the BSE compared to a 1.68% decline in the S&P BSE Sensex. A combined 36,805 shares changed hands on the counter on the BSE and NSE so far.