Reliance Will Buy Majority Stakes In Den Networks
It was being stated by the Reliance Industries that it is up to buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore.
The Reliance Industry is to make a 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. This was confirmed by the company itself.
Furthermore, the company also stated that it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway.
Reliance would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway.