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RIL open offer to acquire Den Networks, GTPL Hathway to commence Friday

Press Trust of India  |  New Delhi 

Reliance Industries' open offer to acquire shares of Den Networks and GTPL through its subsidiaries will start on Friday, according to regulatory filings.

and its subsidiaries have proposed to acquire 2,88,40,891 full paid-up equity shares, representing 25.64 per cent voting share capital of GTPL for Rs 82.65 per equity share for total consideration of Rs 238.37 crore.

In case of Den Network, and its subsidiaries have announced open offer to acquire 12,21,83,457 fully paid-up equity shares, representing 25.58 per cent of the expanded voting share capital at price of Rs 72.66 per equity share aggregating to total consideration of Rs 887.78 crore, according to the filings.

on October 17 announced that it will buy majority stakes in and Cable and Datacom Ltd for Rs 5,230 crore, a move aimed at becoming the largest in the as well as the and direct-to-home market.

The acquisition gives Reliance access to 24 million existing cable connected homes of these across 750 cities, thereby covering around half of its target to connect 50 million homes across 1,100 Indian cities.

According to latest data of the Telecom Regulatory Authority of India, there were little over 18 million fixed line connections in the country in July, with BSNL leading the chart. RIL announced to acquire 66 per cent stake in Den Networks for Rs 2,290 crore and 51.3 per cent in for Rs 2,940 crore.

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

First Published: Thu, February 07 2019. 21:25 IST