Reliance Industries (RIL)-promoted Hathway Cable & Datacom will launch a suggestion on the market (OFS) on Monday — the second time in a month it is going to be doing so. The final OFS for Rs 853 crore was partially subscribed.
This month, the corporate will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 per cent stake, at a ground worth of Rs 21.50. Promoter group companies that may promote shares embody Jio Content material Distribution Holdings, Jio Web Distribution Holdings, and Jio Cable and Broadband Holdings.
The share sale by these companies is geared toward attaining minimal public holding in Hathway in accordance with the norms set by the Securities and Change Board of India (Sebi).
Sebi guidelines prescribe that promoters can not maintain greater than 75 per cent in an organization.
On Wednesday, RIL determined towards going forward with the merger of Hathway, Den Networks and TV18 Broadcast into Network18, a yr after asserting the transaction.
A delay in implementation was among the many causes for the cancellation of the merger.
RIL has been slowly bringing down its stake in Hathway, trimming its shareholding from 94.09 per cent within the quarter ended December 31, 2020 to 86.61 per cent within the three months ended March 31, 2021. Hathway was acquired in October 2018 by Reliance.