Broadband
RIL plans to acquire additional 26% stake in Hathway Cable and Datacom
MUMBAI: Reliance Industries (RIL) and its group companies have announced an open offer to acquire an additional 26 per cent stake in Hathway Cable and Datacom, after receiving the approval from Competition Commission of India (CCI), according to a new article in the Press Trust of India.
Reliance Industries along with Jio Content Distribution, Jio Internet Distribution Holdings 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, representing 26 per cent 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 2018, Reliance Industries had acquired majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore.
In DEN, Reliance made 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 made a primary investment of Rs 2,940 crore through a preferential issue.
