Reliance increases shareholding in DEN, Hathway, GTPL through open offer

MUMBAI: Reliance Industries Ltd (RIL) and its group companies have increased their shareholding in cable and broadband service providers’ DEN Industries, Hathway Cable and Datacom, and GTPL Hathway.

The company has increased its shareholding through the acquisition of shares via open offer.

RIL’s group companies Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, and Jio Television Distribution Holdings have acquired an aggregate of 5,74,89,612 equity shares or 12.05% of Den Networks on 5th March pursuant to an open offer under SAST Regulations.

Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, and Jio Television Distribution Holdings have acquired 6.52%, 2.72%, and 2.8% respectively in the company.

The shareholding of the three companies in DEN has gone up to 42.33%, 17.65%, 18.18%. Reliance Ventures, Reliance Strategic Investments, and Network18 Media & Investments hold 0.1%, 0.31%, and 0.15% respectively.

In a regulatory filing, DEN said that the acquirers have acquired sole control of the company and have become part of ‘promoter and promoter group’.

With this acquisition, RIL and its group companies’ shareholding has increased to 78.62%. In October 2018, RIL had acquired 66% stake in DEN Networks for Rs 2290 crore.

In Hathway Cable and Datacom, RIL and its group companies Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings have acquired 20.61% stake through an open offer. The conglomerate had acquired a 51.3% stake in Hathway for Rs. 2,940 crore.

RIL and its group companies have acquired 36,48,91,215 shares at a price of Rs 32.35 per equity share. A total of Rs 1180.42 crore was spent on acquiring the 20.61% stake via open offer.

Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings have acquired 12.13%, 4.86%, and 3.62% respectively in Hathway.

With this acquisition, the public shareholding in the company has fallen to 5.91% from 54.5%.

GTPL Hathway, in its regulatory filing, has informed that Jio Content Distribution Holdings has acquired an aggregate of 50,37,834 equity shares on 5th March pursuant to an open offer. This translates to 4.48% shareholding in the company.

Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, together with RIL and other group companies, had made an offer to acquire 2.88 crore shares (representing 25.64% of voting capital) from GTPL’s public shareholders.

RIL had become part of the promoter group of GTPL Hathway courtesy its stake acquisition in Hathway. The latter holds a 37.5% stake in GTPL.