Reliance to sell partial stake in Den Networks and Hathway Cable to comply Sebi norms

MUMBAI: which acquired and in 2018 through its subsidiaries will offload stake in both the companies through offer for sale (OFS) to comply Sebi’s minimum public holding norms. The OFS will open for non-retail investors on Friday 26 March and retail investors on Tuesday 30 March.

According to the exchange filings, Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings together will sell 5.55 crore shares or 11.63% stake in Den Networks at a floor price of Rs 48.50 per share, a discount of 10.8% to Thursday’s closing price of Rs 54.40. Promoters held 86.53% stake in the company as on December 31, 2020.

Also, the promoters which hold 94.09% stake in Hathway Cable & Datacom will sell 33.80 crore shares or 19.09% stake in the company at a floor price of Rs 25.25 per share, a discount of 11.7% to Thursday’s closing price of Rs 28.6.

In both the OFS, 10% of the offered shares are reserved for retail investors.

Reliance through its network of subsidiaries has acquired 58.92% stake in Den networks and 51.34% in Hathway Cable & Datacom in October 2018. Sebi rules give promoters three years from the date of listing or acquisition to bring down holding to 75%.