Reliance Industries announces open offer for acquiring additional 26% stake in Hathway Cable and Datacom

  • In October last year, Reliance Industries had announced it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore

  • In DEN, Reliance is making a primary investment of Rs 2,045 crore through a preferential issue and secondary purchase of Rs 245 crore from existing promoters

  • In Hathway, RIL is making primary investment of Rs 2,940 crore through a preferential issue

New Delhi: Reliance Industries (RIL) and its group companies have announced an open offer to acquire an additional 26 percent stake in Hathway Cable and Datacom Ltd.

 Reliance Industries announces open offer for acquiring additional 26% stake in Hathway Cable and Datacom

Representational image. Reuters.

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 percent of the expanded voting share capital, at a price of Rs 32.35 per equity share aggregating to total consideration of Rs 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 Rs 5,230 crore.

In DEN, Reliance is making a primary investment of Rs 2,045 crore through a preferential issue and secondary purchase of Rs 245 crore from existing promoters. In Hathway, RIL is making primary investment of Rs 2,940 crore through a preferential issue.

RIL had Tuesday said it has received CCI nod for the two buys.

(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

 

 

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Updated Date: Jan 24, 2019 12:28:16 IST