Companies

Den Networks down 3%, Hathway Cable down 7% on promoter stake sale

Our Bureau Mumbai | Updated on March 26, 2021

The shares of Den Networks and Hathway Cable & Datacom Ltd were down 3 per cent and 7 per cent respectively on Friday as promoters are selling stake in the companies through offer for sale.

The stake sale from Mukesh Ambani-owned entities is to meet the SEBI’s minimum public share holding criteria of 25 per cent.

At 11:10 am, Den Networks was trading at ₹52.90, down ₹1.90 or 3.47 per cent on the BSE. it hit an intraday high of ₹53.85 and an intraday low of ₹51.20. It opened at ₹51.90 as against the previous close of ₹54.80. On the NSE, it was trading at ₹52.80, down ₹1.60 or 2.94 per cent.

Hathway Cable & Datacom Ltd was quoting ₹26.70 a share on the BSE, down ₹1.90 or 6.64 per cent. It hit an intraday high of ₹27.70 and an intraday low of ₹26.30. It had opened at ₹26.30 as against the previous close of ₹28.60. On the NSE, it was trading at ₹26.55, down ₹2.05 or 7.17 per cent.

Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings on Thursday announced their decision to sell 5.55 crore shares or an 11.63 per cent stake in the company via OFS.

The floor price for the sale has been fixed at ₹48.50 per share.

While Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings will sell 33.80 crore shares or a 19.09 per cent stake in Hathway Cable. The floor price has been fixed at ₹25.25 per share.

The offer for both companies opens today (for institutional investors) and March 30 (for retail investors).

In October 2018, RIL announced it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore.

Den and Hathway were merged with Network18 and TV18 last year to consolidate Reliance Industries’ media and distribution businesses.

RIL was trading at ₹,1987.95, down ₹4.80 or 0.24 per cent on the BSE. On the NSE, it was quoting ₹1,988.00 per share, down ₹3.45 or 0.17 per cent.

Published on March 26, 2021

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