Den Networks spikes 13% amid talks that RIL may buy stake in company
Den Networks share price rallied 12.7 percent intraday amid a media report that Reliance Industries may be buying the company.
Moneycontrol News
Den Networks share price rallied 12.7 percent intraday Wednesday amid a media report that Reliance Industries may be buying the company.
"Mukesh Ambani-owned Reliance Industries is in talks to acquire Sameer Manchanda promoted multi-system operator (MSO), DEN Networks," according to The Economic Times report.
The report said the deal is most likely to go through and the valuation DEN is looking at is between Rs 2,000 crore and Rs 2,200 crore.
For the quarter ended June 2017, DEN Networks had reported net loss of Rs 10.11 crore against loss of Rs 45.51 crore in the corresponding quarter of last year and loss of Rs 60.55 crore in March quarter 2017.
Its revenues from operations increased 16.81 percent year-on-year to Rs 314.11 crore in June quarter but fell marginally compared with Rs 317.16 crore on sequential basis.
Den Networks' debt as of June 2017 stood at Rs 123 crore. Its market capitalisation increased to Rs 1,923 crore at the day's high price level.
At 10:40 hours IST, the stock price was quoting at Rs 94.65, up Rs 6.70, or 7.62 percent amid high volumes on the BSE.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
