Jio Content Distribution, other promoter companies to offload 19% stake in Hathway Cable and Datacom
Jio Content Distribution, other promoter companies to offload 19% stake in Hathway Cable and Datacom
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Coming Monday, Reliance Industries (RIL) - promoted Hathway Cable & Datacom will launch an offer for sale (OFS) for the second time in a month's time. The company will be launching a share sale worth Rs 442 crore, stated the news report.

According to Business Standard, with this OFS, the company will offload 205.44 million shares or an 11.61 per cent stake. This will be at a floor price of Rs 21.50.

Promoter group firms that will sell shares are Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings.

With the last OFS, Hathway Cable & Datacom had put OFS worth Rs 853 crore but was only partially subscribed. The company is making this sale to achieve the minimum public holding in Hathway in accordance with the norms set by the Securities and Exchange Board of India (Sebi). As per SEBI norms, the promoters cannot hold more than 75 per cent in a company.

In addition, recently RIL decided not to go ahead with the merger of Hathway, Den Networks and TV18 Broadcast into Network18. This decision was taken a year after announcing the transaction.

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