Developing companies Hathway Cable and Datacom Ltd plan to reduce the company’s 19 per cent stake, including 33.79 crore shares at a low price of .2 25.25 per share, per share exchange, according to the file filling law.
The sale of equity shares of Hathway Cable and Datacom by development companies – Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings – is aimed at complying with the principles of small public ownership.
“Traders propose to sell equally up to 33,79,83,855 shares held by traders in the company, representing 19.09 percent of the company’s total cash flow …,” said Hathway Cable and Datacom.
The sale will take place over two trading days. The promise of a sale on March 26, 2021, will be for non-commercial investors only, and on March 30, 2021, for commercial investors and those non-commercial investors who choose to continue their unallocated bids from the previous day.
The minimum retail price is set at ₹ 25.25 per equity share.
Shares are proposed to be traded through a separate, designated BSE and NSE window.
In the meantime, developers of Den Networks are proposing to sell up to 5.54 crore equity shares or 11.63 percent of the company’s total disbursement amount paid on March 26, 2021 and March 30, 2021.
Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings, part of a group of promoters and promoters, will sell shares at a low price of ₹ 48.50 per share.
This pledge is made by the sellers in fulfillment of the minimum public shareholding in the company, as prescribed under Act 19 (2) (b) and Act 19A of the Security and Contracts Act (Regulations), 1957 and Regulation 38 Security and Exchange Board of India Regulations, 2015, “a separate file by Den Networks.
Den’s holder stands at 86.5 percent, while at Hathway Cable and at Datacom, about 94 percent.
In August last year, the government announced a change in the Rules of Regulation Rules, 1957, giving more time to listed companies to meet the minimum wage terms of 25 percent.