Mumbai: The US-based College Retirement Equities Fund has raised its holding in cable distribution firm Den Networks to about 6 percent in a deal estimated to be about Rs 15 crore.
TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund) Investment Management LLC has bought 1,306,391 shares or one percent stake in Den Networks, the cable operator informed the BSE on Friday.
However, the price at which shares were bought was not disclosed. At Den's market price of Rs 112.75 apiece on Wednesday, the size is estimated at about Rs 14.72 crore.
With this transaction, which happened on July 11, TIAA-CREF's total stake in Den Networks has increased to 5.93 percent, the BSE filing said.
Prior to the transaction, TIAA-CREF held 4.93 percent stake in Den Networks.
Following the announcement, Den's stock surged 6 percent to Rs 120.70 apiece in the afternoon trade on the BSE.
TIAA-CREF is a financial services firm with USD 487 billion in assets under management. It helps those in the academic, medical, cultural, and governmental and research fields plan for retirement.
First Published: Friday, July 13, 2012, 14:22