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Den Network plunges after listing at Rs 195
Den Networks listed 1.76 crores worth equity shares today at the issue price of Rs 195. The scrip witnessed a slide after getting listed at the National Stock Exchange as well as it tanked 18.67 per cent.
 
Tue, Nov 24, 2009 13:00:16 IST
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SHARES OF Den Networks plunged by 19 per cent on Tuesday, November 24, after it got listed at Rs 195 at the Bombay Stock Exchange on Tuesday. The scrip witnessed a low of Rs 158.40 in the morning, when it failed to gain momentum after the listing.

Den Networks listed 1.76 crores worth equity shares today at the issue price of Rs 195. The scrip witnessed a slide after getting listed at the National Stock Exchange as well as it tanked 18.67 per cent. The early morning trade in the scrip saw 50.47 lakh shares being bought and sold within minutes of its listing on the bourses.

The company runs cable network operations and has raised 410 crores from the market. It services around one crore households in the country, with three lakh of them on the digital platform. The initial public offering of Den Netoworks was subscribed fully on the final day of the offer.

Improvement in infrastructure and service expansion will be taken up Den Networks with the IPO proceeds.

 

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