Reliance Industries is eyeing Rs.442 crore by selling Hathway Cable & Datacom stake
Reliance Industries (RIL)-promoted Hathway Cable & Datacom will launch an offer for sale from 26th April. The second time in a month it will be doing so. The last Offer For Sale for Rs 853 crore was partially subscribed.
This month, the company will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 per cent stake, at a floor price of Rs 21.50. Promoter group firms that will sell shares include Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings.
The share sale by these firms is aimed at achieving minimum public holding in Hathway in accordance with the norms set by the Securities and Exchange Board of India (Sebi).
On Wednesday, RIL decided against going ahead with the merger of Hathway, Den Networks and TV18 Broadcast into Network18, a year after announcing the transaction.
A delay in implementation was among the reasons for the cancellation of the merger.
RIL has been slowly bringing down its stake in Hathway, trimming its shareholding from 94.09 per cent in the quarter ended December 31, 2020 to 86.61 per cent in the three months ended March 31, 2021. Hathway was acquired in October 2018 by Reliance.
Logitech’s Cloud-based Software Expands to Support Users Wherever They Work
Logitech (SIX: LOGN) (NASDAQ: LOGI) announced a major update to the Sync device management...
With eyes on expansion, Calsoft plans to hire 1000 Employees
Calsoft is planning to hire a total of 1000 engineers over the next few quarters in P...
Kaspersky, policy experts discuss improving ICT supply chain resilience in APAC
For the past two years, the Asia-Pacific (APAC) region, like the rest of the world, has se...
Sydney drone spectacular sets new vision
ELEVATE Sydney, a new festival held 1-5 January, unveiled the largest drone display in the...
KDEM to ramp up the digital economy by developing cluster cities
As part of its Beyond Bengaluru initiative to ramp up the digital economy across the state...