The Information and Broadcasting Ministry of India granted approval for Goldman Sachs Group's investment proposal. The investment bank proposed to invest USD110 million in cable distribution firm DEN Networks. The deal would give the US investment company about 18% stake in the cable distribution firm.
The government had also approved the name of Goldman Sachs' co-head for its Asia division, Ankur Sahu. He was among the nominees for directorship in DEN Networks. However, the government agency cleared the name of another nominee, Vishal Bakshi as alternate director.
In May, DEN Networks announced the proposed transaction to raise USD110 million from Goldman Sachs. This would be done by issuing new shares to its affiliates MBD Bridge and Singapore-based Broad Street Investments.
A senior executive at DEN Networks said the proceeds would be use to fund expansion plans other general corporate matters. The DEN Network senior executive also added, "This will be the last round of fund raising, as it will be sufficiently capitalised after the infusion of $110 million by Goldman Sachs."
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