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BUZZ-India's DEN Networks surges after report RIL in talks to buy co
September 27, 2017 / 5:17 AM / 3 months ago

BUZZ-India's DEN Networks surges after report RIL in talks to buy co

** Cable television co DEN Networks Ltd surges as much as 12.7 pct in its biggest intraday pct gain since April 18

** Reliance Industries is in talks to buy co, the Economic Times newspaper reports, citing two highly placed sources with direct knowledge of the development bit.ly/2wjPUz4

** DEN is looking at a valuation between 20 bln rupees ($305.09 mln) to 22 bln rupees, the report adds

** Both companies not immediately available for comments

** Reliance has been keen to expand into cable TV distribution business after winning a licence from the government in 2015

** Up to Tuesday’s close, DEN Networks shares had risen 30.5 pct this year

** RIL shares down 0.9 pct ($1 = 65.5550 Indian rupees)

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