Den Networks stock gains as board hikes FII limit

Shares of Den Networks rose nearly 5 per cent today after the board of the company approved increasing limit of foreign investment in the firm from existing 49 per cent to 74 per cent.
Reacting to the development, shares of cable television services firm Den Networks surged 4.29 per cent to settle at Rs 117.80 on the BSE. During the day, it gained 8.36 per cent to Rs 122.40.
At the NSE, the stock ended 4.68 per cent higher at Rs 118.45.
"The Board of Directors of the company has approved increase in foreign investment limit by foreign institutional investors, foreign portfolio investors, from existing 49% to 74%, subject to approval of shareholders, foreign investment promotion board of India, Ministry of Finance (FIPB) and all other applicable acts," Den Networks had said in a filing to the BSE yesterday.