RIL to pare stake in Hathway Cable; to launch Rs 442-crore OFS on April 26

Reliance Industries (RIL)-promoted Hathway Cable & Datacom will launch an offer for sale (OFS) on Monday — the second time in a month it will be doing so. The last OFS for Rs 853 crore was partially subscribed.

This month, the company will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 per cent stake, at a floor price of Rs 21.50. Promoter group firms that will sell shares include Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings.

The share sale by these firms is aimed at achieving minimum public holding in Hathway in accordance with the norms set by the Securities and Exchange Board of India (Sebi).

Sebi rules prescribe that promoters cannot hold more than 75 per cent in a company.