DEN Networks exits TV commerce business, to sell 100% stake to Pimex

Multi System Operator (MSO) DEN Networks is exiting the TV commerce business, where it has been operating the DEN Snapdeal Home Shop Channel. DEN had defined its core business as cable and broadband services in India some time back, which will be its key focus areas. 

DEN Networks has entered into a Share Purchase Agreement Noida-based Pimex Broadcast Pvt Ltd for selling off its entire equity stake in Macro Commerce, which runs the Home Shop Channel. Pimex will end up holding entire 100 per cent shareholding of Macro. Vijender Singh, the Promoter & Director of Pimex, has over 15 years of entrepreneurial exposure and is currently driving the technology initiatives and product R&D roadmap for Pantel Technologies and Pimex Broadcast. 

DEN Networks has informed the Bombay Stock Exchange that Pimex will take over all the existing liabilities and dues of Marco and both together aspire to be one f the significant players in the TV shopping business. The name of DEN and Snapdeal will be dropped from the branding. 

DEN further informed the BSE that it has already made provisions for its investment in Macro in its books of accounts in the previous financial year and hence, there will not be any further impact in the profit and loss account.