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Tuesday, 16 October 2018

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RIL may buy stake in Hathway Cable and DEN Networks

RIL may buy stake in Hathway Cable and DEN Networks





Reliance Industries (RIL) can soon buy a controlling stake in the country's leading cable TV and broadband service providers Hathway Cable and Datacom and DEN Networks. The company is preparing to buy the two companies to increase broadband network coverage faster.

Sources with direct knowledge of the matter said that RIL would buy more than 25% stake in both the companies. This will give them space in the Board of these companies and they will be able to control them. Due to these deals, Reliance will need to get an open offer for both the companies. This will reduce the share of promoters in this. Sources said the deal could be announced soon. Hathway and DEN have told stock exchanges that their board meetings are going to be held on October 17, in which a proposal for fund raising will be considered.

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