Reliance makes open offer to acquire additional 26% in Hathway for Rs 1,488.83 cr
MUMBAI: Having received the Competition Commission of India (CCI) approval, Reliance Industries Ltd (RIL) and its group companies have announced an open offer to acquire an additional 26% in cable TV and broadband company Hathway Cable and Datacom.
Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holding along with RIL and other group companies have announced an open offer for acquisition of up to 46,02,27,170 fully paid-up equity shares from public shareholders of Hathway representing 26% of the expanded voting share capital at a price of Rs 32.35 per equity share aggregating to total consideration of Rs 1,488.83 crore, payable in cash.
On 18th October 2018, RIL had acquired 66% stake in DEN Networks for Rs 2290 crore and 51.3% stake for Rs. 2,940 crore in Hathway Cable and Datacom. Additionally, RIL had also got a minority stake in GTPL Hathway.
RIL and group companies will also make an open offer to public shareholders of DEN and GTPL Hathway.