Reliance to sell partial stake in Den Networks and Hathway Cable to comply Sebi norms

MUMBAI: , which acquired and in 2018 through its subsidiaries, will offload stakes in both companies through offers for sale (OFS) to comply with Sebi’s minimum public holding norms.

The OFS by India’s most valuable company will open for non-retail investors on Friday and for retail buyers on Tuesday. India’s stock markets are shut Monday on Holi.

Exchange filings showed that Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings together will sell 55.5 million shares, or 11.63% stake, in Den Networks at a floor price of Rs 48.50 per share, at a discount of 10.8% to Thursday’s closing price of Rs 54.40. Promoters held 86.53% stake in the company as on December 31, 2020.

The promoters hold 94.09% stake in Hathway Cable & Datacom. They will sell 338 million shares, or 19.09% stake, in the company at a floor price of Rs 25.25 per share, a discount of 11.7% to Thursday’s closing price of Rs 28.6.

In both the offers, 10% of the offered shares are reserved for retail investors.