Shares of Den Networks and Hathway Cables and Datacom plunged on Friday, March 26, a day after Reliance Industries introduced that it’s going to offload its stake within the two firms by offer-for-sale (OFS). Share of Den Networks declined over six per cent on Friday, whereas Hathway Cables slumped over 9 per cent. According to a regulatory submitting to the BSE, Reliance subsidiaries together with – Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, in addition to Jio Television Distribution Holdings, will collectively promote 5.54 crore shares, or 11.63 per cent stake, in Den Networks at a ground value of Rs 48.50 per fairness share.
Along with this, the Reliance subsidiaries maintain a 94.09 per cent stake in Hathway Cable and Datacom. According to the regulatory submitting, Reliance subsidiaries will promote 33.79 crore share, or a 19.09 per cent stake, in Hathway Cable at a ground value of Rs 25.25 per fairness share. The assertion added that the sale shares are proposed to be bought by a separate window on the inventory exchanges – BSE and NSE. The offer-for-sale has opened for non-retail buyers as we speak and for retail buyers, the OFS will open on Tuesday, March 30.
On Friday, Hathway Cables opened at Rs 26.30 on the BSE, touching an intra day excessive of Rs 27.70 and an intra day low of Rs 25.65, within the buying and selling session to date. Den Networks opened on the BSE at Rs 51.90, touching an intra day excessive of Rs 53.85 and an intra day low of Rs 51, within the session to date.
At 2:36 pm, shares of Den Network traded 6.57 per cent decrease at Rs 51.20 on the BSE. While Hathway Cables final traded 9.97 per cent decrease at Rs 25.75. Meanwhile, on the NSE, Den Networks final traded 6.07 per cent decrease at Rs 51.10 and Hathway Cables traded 9.97 per cent decrease at Rs 25.75.