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Den Networks on Friday said that it is divesting 55 per cent stake in Den Sports, through which it owns the Indian Super League franchise Delhi Dynamos FC to Wall Street Investments Ltd.
In a BSE filing, the company said that it has entered into an agreement with Wall Street Investments Ltd to sell 55 per cent stake in Den Sports for ₹43.32 crore.
It said that this includes the sale of shares from Den Networks and preferential allotment by Den Sports.
The digital cable and broadband company was looking to divest stake in the football club business for some time, in a bid to focus on its core business.
Wall Street Investments Ltd is represented by principals of GMS (JLT).
GMS (JLT) is based out of Dubai and acts as an agent for its principals, which has broader interest in the shipping industry, the company added.
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