Hathway Cable, Den Network shares fall as promoters to sale stake via OFS – News 24-7 Live News 24-7 Live
Hathway Cable, Den Network shares fall as promoters to sale stake via OFS

Hathway Cable, Den Network shares fall as promoters to sale stake via OFS


The promoter holding in Hathway Cable and Datacom is about 94 percent, while that in Den Networks stands at 86.5 percent.Shares of Hathway Cable and Datacom plunged 8 percent while that of Den Networks declined over 6 percent in early trade on Friday. The cable companies’ shares fell after the promoter entities of these companies announced offloading of shares via offer for sale (OFS) to comply with the minimum public shareholding norms.

Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings, the promoter entities of Hathway Cable and Datacom Ltd plan to offload 33.79 crore shares or about 19 percent stake in the company. The floor price has been fixed at Rs 25.25 per equity share.

“The sellers propose to sell in aggregate up to 33,79,83,855 equity shares held by the sellers in the company, representing 19.09 percent of the total issued and paid-up equity share capital of the company…,” Hathway Cable and Datacom said in a regulatory filing.The offer for sale on March 26, 2021, will be for non-retail investors only, and on March 30, 2021, for retail investors and those non-retail investors who choose to carry forward their un-allocated bids from the previous date.

News Source: CNBC TV 18

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