Den Networks rose 2.87% to Rs 80.60 at 15:15 IST on BSE after the company's board of directors approved preferential issue of shares to affiliates of the Goldman Sachs Group, Inc.
The announcement was made during market hours today, 20 September 2016.Meanwhile, the S&P BSE Sensex was down 117.52 points or 0.41% at 28,516.98
On BSE, so far 2.19 lakh shares were traded in the counter as against average daily volume of 22,953 shares in the past one quarter. The stock hit a high of Rs 85 and a low of Rs 78.10 so far during the day. The stock had hit a 52-week high of Rs 133 on 21 September 2015. The stock had hit a 52-week low of Rs 60.50 on 15 February 2016. The stock had underperformed the market over the past 30 days till 19 September 2016, falling 8.42% compared with Sensex's 1.99% rise. The scrip also underperformed the market in past one quarter, sliding 13.38% as against Sensex's 6.79% rise.
The small-cap company has equity capital of Rs 178.20 crore. Face value per share is Rs 10.
Den Networks said that the company's board of directors has issue and allotment of 1.58 crore shares on preferential basis to affiliates of the Goldman Sachs Group, Inc. who form part of the persons belonging to the non-promoter category. The company's board also approved the issue price of Rs 90 per share for the preferential allotment. With this allotment, the holding of affiliates of Goldman Sachs Group, Inc. will increase to about 24.49% from 17.79% earlier, Den Networks said. The total consideration for the transaction is Rs 142.43 crore, the company added.
Den Networks reported net loss of Rs 57.31 crore in Q1 June 2016, higher thab net loss of Rs 50.75 crore in Q1 June 2015. Net sales rose 24% to Rs 236.97 crore in Q1 June 2016 over Q1 June 2015.
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Den Networks is one of leading cable TV distribution companies in India.
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