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| Exchange Disseminated Time | Den Networks Ltd has informed BSE that In their meeting held on June 5, 2013, the shareholders of the Company had approved with the requisite majority the issue and allotment of shares to Broad Sweet Investments (Singapore) Pte. Ltd and MBD Bridge Street 2013 investments (Singapore) Pte. Ltd., affiliates of The Goldman Sachs Group Inc. (collectively “Investors”), forming part of the non-promoter category of the Company on a preferential allotment basis. The approval was subject to the approval of the Ministry of information and Broadcasting, Government of India (“MIB”). The MIB approval was received by the Company on September 16, 2013
Pursuant to receipt of the MIB approval, the Company has also received the Investment amount of Rs. 689.67 crores from the Investors. Subsequently, the Board has in a meeting held on September 27, 2013, allotted shares of the Company to the Investors.
The Board has also approved the following actions in its meeting on September 27, 2013:
1. The appointment of Mr. Ankur Sahu as an additional director and Mr. Vishal Bakshi as an alternate director to Mr. Ankur Sahu on the Board as nominee directors of the Investors on the Board.
2. The adoption of a new set of Articles of Association of the Company (“AOA”), subject to approval of the members of the Company. |
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