DEN to sell its entire 50% stake in Star DEN JV to Star India

DEN Networks has entered into a share purchase agreement with Star India and Star DEN, dated March 16, 2016, for selling off its entire 50 per cent equity stake held in Star DEN joint venture for a consideration of Rs 40.35 crore. DEN Networks informed the Bombay Stock Exchange of the stake sale today.

Upon completion of the share transfer to Star India, DEN shall cease to be a shareholder in Star DEN and the joint venture agreement executed among the parties shall stand terminated.

Star DEN is a joint venture company between Star India and DEN Networks, wherein both parties hold equal shareholding. The joint venture agreement was executed on January 14, 2008 and was restated on May 26, 2011.