Reliance Industries offers to acquire Den Networks and GTPL Hathway shares
- Country:
- India
Reliance Industries' open offer to acquire shares of Den Networks and GTPL Hathway through its subsidiaries will start on Friday, according to regulatory filings. RIL and its subsidiaries have proposed to acquire 2,88,40,891 full paid-up equity shares, representing 25.64 per cent voting share capital of GTPL Hathway for Rs 82.65 per equity share for total consideration of Rs 238.37 crore.
In case of Den Network, RIL and its subsidiaries have announced open offer to acquire 12,21,83,457 fully paid-up equity shares, representing 25.58 per cent of the expanded voting share capital at price of Rs 72.66 per equity share aggregating to total consideration of Rs 887.78 crore, according to the filings. RIL on October 17 announced that it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore, a move aimed at becoming the largest player in the broadband as well as the cable TV and direct-to-home market.
The acquisition gives Reliance access to 24 million existing cable connected homes of these companies across 750 cities, thereby covering around half of its target to connect 50 million homes across 1,100 Indian cities. According to latest data of the Telecom Regulatory Authority of India, there were little over 18 million fixed line broadband connections in the country in July, with BSNL leading the chart. RIL 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.
(With inputs from agencies.)
- READ MORE ON:
- Reliance Industries
- Sun Pharmaceutical Industries Ltd.
- Automotive industry
- Temasek Holdings
- DEN Networks
- Funeral home
- Nursing home
- Mobile home
- Capital city
- Quad Cities
- Cities: Skylines
- Indian Trail
- Indian Army
- Indian Bank
- Cable television
- Television channel
- Dish TV
- BSNL Mobile
- BSNL Broadband
- Postpaid mobile phone
ALSO READ
"Want every Indian to see that video clip": Jewish woman of Indian-origin recalls losing loved ones to Hamas terrorists on Oct 7
"Knows a thing or two about terrorism, how to confront it": Former Israeli envoy lauds Indian support after Hamas attacks
Indian stocks marginally lower Friday, retail inflation data now in focus
Focused on scaling India presence, plan to introduce more Indian English voices: CEO of AI voice generator Murf
Top seeded Indian squash player Akanksha stunned by unexpected defeat in USA tournament