Hathway, Den Networks gain as CCI approves RIL’s stake buy proposal

The approval will enable the subscription to the preferential issue of equity shares by Den and Hathway and purchase of equity shares of Den from the existing promoters.

Jan 23, 2019 06:01 IST India Infoline News Service

Acquisition Concept
Shares of Hathway Cable & Datacom were trading 3% up, while those of Den Networks were trading 2% higher on Wednesday after the Competition Commission of India (CCI) granted approval to Reliance Industries to buy stakes in the companies.

The CCI has approved Reliance Industries’ acquisition of Den Networks and Hathway Cable and Datacom, the Mukesh Ambani-owned company informed the bourses after market hours on Tuesday.

“The approval will enable subscription to the preferential issue of equity shares by Den and Hathway and purchase of equity shares of Den from the existing promoters, as specified in the disclosure dated October 18, 2018,” the release added.

Hathway Cable & Datacom Ltd's share price is currently at Rs31.60, up Rs0.85, or 2.76%, from its previous close of Rs30.75 on the BSE.

Den Networks Ltd's share price is currently at Rs71.10, up Rs1.4, or 2.01%, from its previous close of Rs69.70 on the BSE.

On the other hand, Reliance Industries share price is currently at Rs1,232.25, down Rs2.5, or 0.2%, from its previous close of Rs1,234.75 on the BSE.

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