Shares of Den Networks rose nearly 2 per cent on Bombay Stock Exchange (BSE) after the company received nod from the Foreign Investment Promotion Board (FIPB) to increase foreign investment limit in the company by upto 74%. "The company has received approval of the Foreign Investment Promotion Board (FIPB) for increase in foreign investment limit in the company beyond 49% and up-to 74% by foreign institutional investors (FIIs), non resident Indians (NRIs), foreign portfolio investors (FPIs) and other eligible foreign investors through route of secondary market/open market purchase," Den Networks said in a statement.
Reacting to the news, shares of company surged 1.80 per cent in intra-day trade to Rs 130.10 apiece on the BSE.
In a similar trend, shares of the company gained 2.68 per cent to Rs 130.25 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 27,242.89, down 364.93 points, or 1.32 per cent at 11.30 hours.