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Breaking News :  RBI clears way for foreign investors to increase stake in DEN up to 74%
Tuesday 27-October-2015, 16:35,
RBI clears way for foreign investors to increase stake in DEN up to 74%
MUMBAI: Foreign investors can now
increase their stake in multi-system
operator (MSO) DEN Networks up to 74
per cent as the Reserve Bank of India
today cleared the proposal.
“Foreign Institutional Investors
(FIIs)/Registered Foreign Portfolios
Investors (RFPIs) can now invest up to
74 per cent of the paid-up capital of
DEN Networks Ltd under the Portfolio
Investment Scheme (PIS),” the RBI
said.
The decision has come after DEN got
the approvals from its board of
directors and shareholders for
increasing the limit for the purchase
of its equity shares and convertible
debentures by FIIs/RFPIs.
Earlier in August the MSO had received
permission from the Finance Ministry
to increase the foreign investment
limit in the company from the existing
49 per cent to 74 per cent after FDI
proposal was approved by the Foreign
Investment Promotion Board (FIPB) on
13 July.
As of 30 September, FIIs own 22.79
per cent stake in the Sameer
Manchanda-owned company.
DEN Networks is the second-largest
MSO in the country with a digitised
base of 7.22 million and a total
universe of 13 million.
http://www.televisionpost.com/cable/rbi-...-up-to-74/
ANIL G
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