New Delhi: Reliance Industries and its group companies have announced an open offer to acquire an additional 26% stake in Hathway Cable and Datacom Ltd.
Jio Content Distribution, Jio Internet Distribution Holdings along with Reliance Industries and a clutch of group companies "have announced an open offer for acquisition of up to 46,02,27,170 fully paid up equity shares...from public shareholders of Hathway Cable and Datacom Ltd...representing 26% of the expanded voting share capital, at a price of ₹32.35 per equity share aggregating to total consideration of ₹1,488.83 crore, payable in cash," Hathway informed in a regulatory filing.
In October last year, Reliance Industries had announced it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore.
In DEN, Reliance is making a primary investment of ₹2,045 crore through a preferential issue and secondary purchase of ₹245 crore from existing promoters. In Hathway, RIL is making primary investment of ₹2,940 crore through a preferential issue.
RIL had Tuesday said it has received CCI nod for the two buys.
This story has been published from a wire agency feed without modifications to the text.