RIL gives open offer to Den Networks and Hathway shareholders
Reliance Industries Limited through its subsidiaries has launched open offers to shareholders of cable and broadband services companies Den Network and Hathway Cable and its subsidiaries, according to regulatory filings.
RIL through its subsidiaries Jio Content Distribution Holdings Private Limited, Jio Internet Distribution Holdings Private Limited and Jio Cable and Broadband Holdings Private Limited with other units "have announced open offer of Rs 82.65 per equity share aggregating to total consideration of Rs 238.37 crore, payable in cash" for acquisition of around 21 lakh GTPL Hathway shares to its shareholders.
The move follows acquisition of significant stake by RIL units in Den Networks and Hathway Cable.
RIL Wednesday announced to acquire 66 per cent stake in Den Networks for Rs 2,290 crore and 51.3 per cent in Hathway Cable for Rs 2,940 crore.
RIL said it will make "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in Den Networks Limited".
RIL through subsidiaries has given "open offer of Rs 2.46 per equity share aggregating to total consideration of Rs 51.81 lakh, payable in cash" to Hathway Bhawani Cabletel and Datacom.
For Den Networks shareholders, RIL has issued offer of Rs 72.66 per equity share for acquisition of around 12 crore shares for total consideration of around Rs 887.78 crore payable in cash.