Reliance Industries would be selling its stake in Hathway Cable & Datacom Ltd. The Mukesh Ambani-led firm would be selling the stake in the company through an offer for sale on March 26 and March 27.
Shares of Reliance Industries closed at Rs 1,904.35 per share. The shares of the firm fell by 0.11% on Friday. Reliance Industries shares were at an intraday high of Rs 1918 per share at the previous close.
The shares of Hathway Cable closed at Rs 21.65 per share. Hathway Cable shares fell by 0.92 percent on Friday.
Promoters of
Hathway Cable
to offload stake:
The promoter of Hathway Cable & Datacom Ltd, Jio Internet Distribution Holdings Pvt, Jio Content Distribution Holdings Pvt., and Jio Cable and Broadband Holdings Pvt. would be selling 20.54 crore shares amounting through the offer for sale.
The shares on the offer for sale amount to an 11.61% stake. The promoters would be selling shares at a floor price of Rs 21.50 aggregating to Rs 441.61 crore. 10% of the shares on offer are reserved for retail investors.
For non-retail investors, bids would be opening from 26 April. Retail and non-retail investors would be able to bid from 27 April onwards.
The sale of shares would be for achieving minimum public holding in the companies as per the norms set by the Securities and Exchange Board of India. According to SEBI, promoters cannot hold shares over 75 percent in a firm.
Hathway Cable
promoters to reduce stake to 75 percent:
Currently, the promoters of Hathway Cable & Datacom Ltd hold a stake of 86.61% in the company. Following the offer for sale, the stake of promoters would be reduced to 75%.
On December 31, 2020, promoters had previously held a stake of 94.09% stake in the company. In March 2021, promoters of Hathway Cable sold 338 million shares through an offer for sale. Jio Internet Distribution Holdings Pvt. Jio Content Distribution Holdings Pvt., and Jio Cable and Broadband Holdings Pvt sold a stake of 19.1% in the company amounting to Rs 853.45 crore.
The promoters holding in Hathway Cable were reduced to 86.61% through the offer for sale.
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