NEW DELHI: Reliance Industries is preparing to sell 11.61 per cent of its stake in Hathway Cable & Datacom to comply with SEBI’s minimum public holding norms.
Through offers for sale (OFS), Reliance plans to offload Hathway shares worth Rs 442 crore, bringing down its holding in the cable company to 75 per cent from 86.6 per cent earlier.
According to exchange filings, Hathway promoters Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings will sell 205.44 million shares with a floor price of Rs 21.50 aggregating to Rs 441.61 crore.
This comes barely a month after the above mentioned Jio subsidiaries sold 338 million shares, or a 19.1 per cent stake in Hathway, aggregating to Rs 853.45 crore.
The share sales by promoter firms are aimed at achieving minimum public holding in the companies in accordance with the guidelines set by market regulator SEBI.
The OFS will open for non-retail investors on Monday and for retail buyers on Tuesday.