Den Networks Acquire Majority Stake In VBS Digital Distribution
Den Networks limited (hereinafter referred to as "Company") has entered into an Agreement with VBS Digital Distribution network Pvt. Ltd. (hereinafter referred to as "VBS") for acquiring a majority stake. VBS is carrying on the business of distribution of cable business in the state of Uttar Pradesh. It will further strengthen the network of the Company in the State of Uttar Pradesh.
|1||Name of the target entity, details in brief such as size, turnover etc., |
VBS Digital Distribution Network Private Limited.
Turnover - 5.82 Cr as on March 31, 2017
|2||Whether the transaction would fall within related party transactions and whether the promoter/group companies have any interest in the entity being acquired? If yes, whether the same is done at "arms' length"||The acquisition is not with the related party and promoter/group Companies doesn't have any interest.|
|3||Industry to which the entity being acquired belongs||Cable TV Distribution|
|4||Objects and effects of acquisition||Expansion of the cable business of the company in the State of Uttar Pradesh. It will further strengthen cable network of the Company in Uttar Pradesh.|
|5||Brief details of any governmental or regulatory approvals required for the acquisition||N.A.|
|6||The expected date of completion of acquisition||05/01/2018|
|7||Nature of Consideration||Cash|
|8||Cost of Acquisition||Rs. 2.64 Cr|
|9||Percentage of shareholding acquired||51%|
|10||Brief background about the entity acquired in terms of products/line of business, date of incorporation, history of last 3 years turnover, country in which acquired entity has presence and other significant information|
VBS is carrying on the business of Cable TV distribution services in the state of Ut ar Pradesh.
Date of Incorporation: 17/12/2015
Last 2 years Turnover:
Financial year 2016-17: Rs. 5.82 Cr
Financial year 2015-16: Rs. 1.17 Cr
Presence in other countries: No