Global investment firm Goldman Sachs has shed more stake in cable distribution company Den Networks.
After selling shares worth Rs 45 crore, its shareholding now stands at 3.7 per cent, it said in a stock market notification.
Goldman Sachs also said that it has ceased to be a substantial shareholder of the company.
The investment firm has been selling its stake in the company.
It had invested north of Rs 830 crore in 2013 and 2016 to own about a fourth of the firm controlled by Reliance Industries.
In the last instance, it sold 2.04% stake bringing down its holding to 5.85%.
The development came after Reliance Jio’s announcement in March to sell close to 11.63% stake in Den Networks at a floor price of Rs 48.5 apiece through an offer for sale.
Also, last month, Reliance Industries decided against going ahead with the merger of Hathway, Den Networks and TV18 Broadcast into Network18, a year after announcing the transaction.
In October 2018, Mukesh Ambani-owned Reliance Industries had acquired a majority stake in Den Networks, with the move diluting Goldman Sachs’ stake to 9.96%.
