MUMBAI: The wait is finally over for multi system operator (MSO) Den Networks. The MSO has got clearance from the Foreign Investment Promotion Board (FIPB) to increase its foreign investment limit from the existing 49 per cent to 74 per cent.

With this, the company which is currently building its broadband base and also working towards digitisation in phase III and IV areas, is looking at attracting overseas capital into the company. 

It can be noted that Den Networks had sought for increase in foreign investment limit beyond 49 per cent and up to 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of secondary market and / or open market purchase.

Earlier in March this year, the Board of Directors of Den Networks had approved this proposal to increase foreign investment limit.

The decision was subject to shareholder approval (through postal ballot), FIPB nod and adherence to all other statutory requirements. 

Currently, FIIs hold 20.27 per cent stake in Den Networks.