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Den Networks, Hathway Cable shares fall 2-4% as RIL to sell stake via OFS

The promoters' stake is 94.09 percent in Hathway Cable & Datacom. The number of shares to be sold would be 33.8 crore, or 19.09 percent, while in the case of Den Networks, 5.55 crore shares, or 11.63 percent stake, would be sold.

March 26, 2021 / 10:31 AM IST
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Share price of Den Networks and that of Hathway Cable and Datacom were down up to 4 percent each in the morning session on March 26 after Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, Jio Television Distribution Holdings, Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings decided to sell stake in the two companies through an offer for sale (OFS) on March 26 and March 30.

In the case of Den Networks, Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will sell 5,54,85,048 equity shares, or 11.63 percent, stake. The floor price for the sale has been fixed at Rs 48.50 a share.

Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings will sell 33,79,83,855 equity shares, or 19.09 percent stake, in Hathway Cable through on March 26 and March 30. The floor price has been fixed at Rs 25.25 a share.

An Offer for Sale (OFS) allows promoters in public companies to sell their shares and reduce their holdings in a transparent manner through the bidding platform of the exchange.