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RIL open offer for acquiring additional 26% in Hathway Cable and Datacom

Press Trust of India  |  New Delhi 

Reliance Industries and its group companies have announced an open offer to acquire an additional 26 per cent 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 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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 23 2019. 22:55 IST