To comply with Sebi's minimum public holding norms, Reliance Industries NSE will offload its stake in Hathway Cable via offers for sale (OFS). According to the most recent shareholding pattern, Promoters owned 86.61 percent of the stock, which will drop to 75 percent following this transaction.
These companies are selling shares to achieve a minimum public holding in Hathway in compliance with the Securities and Exchange Board of India's rules (Sebi).
The company will hold a Rs 442-crore share sale this month, selling 205.44 million shares, or 11.61 percent of the company, at a floor price of Rs 21.50. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings are among the promoter group companies that will sell shares.
On Monday, the OFS of India's most profitable business will open for non-retail investors, and on Tuesday, it will open for retail buyers.
Last month, the promoters of Hathway Cable & Datacom Ltd, Jio Content Distribution Holdings Pvt., Jio Internet Distribution Holdings Pvt., and Jio Cable and Broadband Holdings Pvt., sold 338 million shares, or a 19.1 percent stake, for Rs 853.45 crore.
Den Networks and Hathway were combined with Network18 and TV18 in June 2020 to combine Reliance Industries' media and distribution businesses. Reliance acquired a majority stake in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore in October 2018.
On the BSE, Hathway Cable shares fell 0.92 percent to close at 21.65, while Reliance Industries shares fell 0.09 percent to close at 1904.40.