Reliance Industries Ltd (RIL)-promoted Hathway Cable & Datacom Ltd and Den Networks is to sell stakes via an offer for sale (OFS) on 26 and 30 March for ₹853 crore and ₹269 crore respectively.
Jio Content Distribution Holdings Pvt. Ltd, Jio Internet Distribution Holdings Pvt. Ltd and Jio Cable and Broadband Holdings Pvt. Ltd, promoters of Hathway Cable & Datacom Ltd will sell 338 million shares, or a 19.1% stake with a floor price of ₹25.25 totalling ₹853.45 crore.
Jio Futuristic Digital Holdings Pvt. Ltd, Jio Digital Distribution Holdings Pvt. Ltd and Jio Television Distribution Holdings Pvt. Ltd will sell 55.5 million shares, or an 11.63% stake, in Den Networks Ltd with a floor price of ₹48.50 totalling to ₹269.18 crore.
The share sales by promoter firms are aimed at achieving minimum public holding in the companies as per norms set by the Securities and Exchange Board of India. Bids will open for non-retail investors on 26 March and for retail investors on 30 March.
In February 2020, Reliance Industries merged Den Networks and Hathway with Network18 and TV18 to consolidate RIL’s media and distribution businesses. In October 2018, RIL bought majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore. RIL shares fell 2.66% to close at ₹1,992.75 on Thursday on the BSE.
