Finance

Reliance to buy majority stakes in Den Networks, Hathway Cable for Rs 5,230 crore

Reliance Industries Wednesday said it will buy majority stak..

Published

October 17, 2018

Reliance Industries Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore.

RIL will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN", the company said in a statement.

Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway.

RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway.

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