Mumbai: Reliance Industries promoted Hathway Cable & Datacom Ltd to sell stakes via OFS on March 26 and March 27 for ₹442 crore.
Jio Content Distribution Holdings Pvt., Jio Internet Distribution Holdings Pvt. and Jio Cable and Broadband Holdings Pvt., promoter of Hathway Cable & Datacom Ltd will sell 205.44 million shares, or an 11.61% stake with a floor price of ₹21.50 aggregating to ₹441.61 crore.
According to the latest shareholding pattern, Promoters held 86.61% and post this transaction, the holding will come down to 75%.
Last month, Jio Content Distribution Holdings Pvt., Jio Internet Distribution Holdings Pvt. and Jio Cable and Broadband Holdings Pvt., promoter of Hathway Cable & Datacom Ltd sold 338 million shares, or a 19.1% stake aggregating to ₹853.45 crore.
The share sales by promoter firms are aimed at achieving minimum public holding in the companies as per the norms set by the market regulator, Securities and Exchange Board of India (Sebi).
Bids will open for non-retail investors on 26 April and for retail and non-retail investors can carry forward their unallocated bids on 27 April.
In June 2020, Reliance Industries merged Den Networks and Hathway with Network18 and TV18 to consolidate Reliance Industries’ media and distribution businesses. In October 2018, Reliance bought majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore.
Shares of Hathway Cable lost 0.92% to close at 21.65, while shares of Reliance Industries fell 0.09% to close at 1904.40 on Friday on BSE.
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