New Delhi, Nov 16: DEN Networks is selling an additional 25 percent stake in its soccer business to Wall Street Investments Ltd, majority co-owner of ISL franchise Delhi Dynamos FC, for an undisclosed amount.
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Wall Street Investment, majority co-owner of ISL franchise Delhi Dynamos FC, has received an in-principle approval from Registrar of Companies of Delhi and Haryana for changing the name of DEN Sports & Entertainment and DEN Soccer to Delhi Sports & Entertainment and Delhi Soccer respectively.
The Board of Directors of DEN Sports and DEN Soccer in their meeting held yesterday has considered and approved.
Further transfer of 25 percent equity stake of DEN Sports from DEN Networks to Wall Street, change of name of DEN Sports and DEN Soccer subject to approval of RoC, other completion conditions in terms of agreement executed amongst DEN, Wall Street, DEN Sports and DEN Soccer.
With the said acquisition, the holding of Wall Street has increased from 55 percent to 80 percent and the holding of DEN has reduced from 45 percent to 20 percent.