RIL to buy majority stakes in Den Networks, Hathway Cable for Rs 52.3 bn

Mumbai, Oct 18: Reliance Industries Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 52.30 billion.

RIL will make a "primary investment of Rs 20.45 billion through a preferential issue under Sebi regulations and secondary purchase of Rs 2.45 billion from the existing promoters for a 66 per cent stake in DEN", the company said in a statement.

Also, it will make a primary investment of Rs 29.40 billion through a preferential issue for a 51.3 per cent stake in Hathway.

RIL 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.