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RIL to sell stakes in Den, Hathway for Rs 1,122 crore

The OFS will open for non-retail investors on 26 March and for retail buyers on 30 March.

NEW DELHI: Reliance Industries Ltd (RIL) is getting ready to divest its shares in Den Networks and Hathway Cable through offers for sale (OFS) in compliance with the minimum public holding norms laid down by the Securities and Exchanges Board of India (SEBI).

RIL will sell its stakes in Den and Hathway, acquired through its subsidiaries in 2018, for Rs 853 crore and Rs 269 crore respectively.

According to a BSE filing, Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings, promoters of Hathway Cable & Datacom, will sell 338 million shares, or a 19.1 per cent stake with a floor price of Rs 25.25. The promoters currently hold 94.09 per cent stake in Hathway.

Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will sell 55.5 million shares, or an 11.63 per cent stake, in Den Networks with a floor price of Rs 48.50

The OFS will open for non-retail investors on 26 March and for retail buyers on 30 March. In both the offers, 10 per cent of the offered shares are reserved for retail investors.

It may be recalled that in February 2020, RIL had merged Den Networks and Hathway with Network18 and TV18 to consolidate its media and distribution businesses under one umbrella entity.

The multinational conglomerate had acquired a majority stake in Hathway and Den in October 2018. At that time, it had invested around $1 billion to acquire 58.92 per cent and 51.34 per cent stake in Den Networks and Hathway Cable, respectively. Prior to this, Hathway was owned by the Raheja Group and Sameer Manchanda held a majority stake in Den.

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