New Delhi: Reliance Industries on Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore.
RIL will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 percent stake in DEN", the company said in a statement.
Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.3 percent stake in Hathway.
RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 percent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway.
(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Updated Date: Oct 17, 2018 19:39 PM