Den Networks sells entire stake in Fortune; Stock trades flat

The company sold 51,000 equity shares of Fortune (Baroda) Network to the remaining shareholders and received consideration of Rs20 lakhs.

Jul 23, 2021 02:07 IST India Infoline News Service

DEN Networks
Den Networks Limited has sold its entire holding of 51,000 equity shares representing 51% of the equity share capital of Fortune (Baroda) Network Private Limited, a subsidiary company to the remaining shareholders and received consideration of Rs20 lakhs.

Accordingly, Fortune has ceased to be a subsidiary of the company with effect from July 22, 2021.

“This is to inform that pursuant to the agreement dated July 22, 2021, entered into between the company and Mr. Jayesh Shah, Mr. Dushyant Purohit, Mr. Venus Patel, Mr. Rakesh Patel, Mr. Kirtibhai Patel, Mr. Roshan Shah, Mr. Birjubhai Shah, and Mr. Madhusudan Shah (Remaining Shareholders) of Fortune, the company has sold its entire holding of 51,000 Equity Shares representing 51% of the equity share capital of Fortune to the Remaining Shareholders and received consideration of Rs20,00,000/-.

Accordingly, Fortune has ceased to be a subsidiary of the company with effect from July 22, 2021,” company said in a regulatory filing on Thursday.

The contribution of Fortune to the consolidated turnover and net-worth of the company for the financial year 2020-21 was Rs77,01,745 (0.05%) and NIL respectively.

At around 2.44 PM, Den Networks Ltd was trading at Rs51.75 per piece up by Rs0.15 or 0.29% from its previous closing of Rs51.60 per piece on the BSE.

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