Reliance Industries is set to once again offload its stake in Hathway Cable through offer for sale (OFS) in an effort to comply with Securities and Exchange Board of India’s (SEBI) minimum public holding norms. The OFS opened for non-retail investors today and will open for retail buyers tomorrow.
As per exchange filings, Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will collectively sell 20.54 crore shares, i.e. 11.61 per cent stake, in Hathway Cable at a floor price of Rs 21.50 per share as against Friday’s closing price of Rs 21.65.
Further, 10 per cent of the offered shares are reserved for retail investors.
Earlier in March 2021, promoters who held 94.09 per cent stake in the company as on December 31, 2020, reduced their holding to 86.61 per cent through the OFS route.