DEN Networks to raise $180mn; Goldman Sachs invests $110mn
DEN Networks Ltd, a leading Indian cable distribution company, has raised a total of $180 million (about R1,000 crore) through mix of preferential placement and qualified institutional placement (QIP).business Updated: May 07, 2013 21:41 IST
DEN Networks Ltd, a leading Indian cable distribution company, has raised a total of $180 million (about Rs 1,000 crore) through mix of preferential placement and qualified institutional placement (QIP).
As a part of the preferential placement, the company raised an equity investment of $110 million (about Rs 600 crore) from Goldman Sachs, a leading global investment bank.
Under the QIP, it has raised over $50 million (about Rs 270 crore) from other investors.
The investment will be used for funding DEN Network’s growth plans.
DEN Networks reaches an estimated 11 million households in 150+ cities across India with presence across key states including Delhi, Uttar Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan, Haryana, Kerala, West Bengal, Jharkhand, Bihar, Madhya Pradesh and Uttarakhand.
Sameer Manchanda, chairman and MD, DEN Networks said: “I am delighted to welcome Goldman Sachs Private Equity as a partner and shareholder in our company. I am sure DEN Networks will gain immensely through our association with one of the most renowned names in global finance. We are looking forward to learning from Goldman Sachs’ vast global knowledge and experience across industries and functions.”
Goldman Sachs has invested actively in cable and broadband related companies in several countries globally, including Cequel and Marcus Cable (US), Diamond Cable (UK), e-Access (Japan), Kabel Deutschland (Germany), C&M (Korea), Cablecom (Switzerland) and Get (Norway).