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By UNI
MUMBAI: Reliance Industries (RIL), led by Mukesh Ambani, acquired a controlling interest in two of the largest cable and broadband television companies in India, DEN Networks and Hathway Cable, as part of launching JioGigaFiber in 50 million homes. Reliance will inject Rs. 5,200 crore in order to take control of both companies.
RIL acquired 66% of the capital of DEN Network for 2,290 crore, including principal investment. The company announced in a document filed with BSE that the company had made a principal investment of Rs. 2,940 crores via a preferential issue and a secondary purchase of Rs. 245 crores from existing promoters.
participation in Hathway Cable and Datacom.
The company will also make open offers on DEN and Hathway, as well as GTPL Hathway, a jointly controlled by Hathway, with a 37.3% stake, as well as Hathway Bhawani Cabletel and Datacomm. subsidiary of Hathway.
DEN's Board of Directors approved the allocation of 28.14,48,000 shares with a nominal value of 10 Rs at an issue price of Rs. 72.66 per share on a preferential basis for RIL grants. Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings
Existing developers, Sameer Manchanda, Lucid Systems and Verve Engineering, have entered into an equity purchase agreement (SPA) relating to the sale of 3.35.85,000 shares of the company per share. price of Rs 72.66 to Jio Futuristic Digital Holdings.
With respect to the proposed preferential allocation, the parties signed an SSA / SHA contract between the company, the developer group comprising Akshay Rajan Raheja, Viren Rajan Raheja, Hathway Investments and Spur Cable. and Datacom and Jio Content Distribution, Jio Internet Distribution and Jio Cable and Broadband Holdings.
DEN and Hathway will hold an extraordinary general meeting in November 14, to get the transaction approved by the shareholders, a statement said here.
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