Shares of Den Networks and Hathway Cables and Datacom plunged on Friday, March 26, a day after Reliance Industries announced that it will offload its stake in the two companies through offer-for-sale (OFS). Share of Den Networks declined over six per cent on Friday, while Hathway Cables slumped over nine per cent. According to a regulatory filing to the BSE, Reliance subsidiaries including - Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings, as well as Jio Television Distribution Holdings, will together sell 5.54 crore shares, or 11.63 per cent stake, in Den Networks at a floor price of Rs 48.50 per equity share.
Along with this, the Reliance subsidiaries hold a 94.09 per cent stake in Hathway Cable and Datacom. According to the regulatory filing, Reliance subsidiaries will sell 33.79 crore share, or a 19.09 per cent stake, in Hathway Cable at a floor price of Rs 25.25 per equity share. The statement added that the sale shares are proposed to be sold through a separate window on the stock exchanges - BSE and NSE. The offer-for-sale has opened for non-retail investors today and for retail investors, the OFS will open on Tuesday, March 30.
On Friday, Hathway Cables opened at Rs 26.30 on the BSE, touching an intra day high of Rs 27.70 and an intra day low of Rs 25.65, in the trading session so far. Den Networks opened on the BSE at Rs 51.90, touching an intra day high of Rs 53.85 and an intra day low of Rs 51, in the session so far.
At 2:36 pm, shares of Den Network traded 6.57 per cent lower at Rs 51.20 on the BSE. While Hathway Cables last traded 9.97 per cent lower at Rs 25.75. Meanwhile, on the NSE, Den Networks last traded 6.07 per cent lower at Rs 51.10 and Hathway Cables traded 9.97 per cent lower at Rs 25.75.