US fund becomes India’s DEN biggest owner

India’s cable DEN Networks has a new shareholder in the shape of US investment fund Teachers Insurance Annuity/College Retirement Equities Fund (TIAA/CREF), which has bought 1.3 million shares  (about 1 per cent) of DEN paying Rs 145 million ($2.6m), and taking TIAA/CREFR’s total holding to 5.93 per cent.

The stake makes the Teachers/College fund the largest independent shareholder in DEN, and the purchase helped drive DEN’s shares 7.29 per cent higher on July 13th to Rs122 on the Bombay stock exchange.

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