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CCI approves RIL's Hathway Cable and DEN Networks acquisition
It received comments from SEBI on the draft letter to offer the mandatory open offer to the shareholders of Hathway.
The Competition Commission of India (CCI) has cleared a proposal for the acquisition of Den Networks and Hathway Cable and Datacom by Reliance Industries.
According to a BSE filing on Tuesday RIL informed that, "It is hereby intimated that the approval of the Competition Commission of India has been received on January 21, 2019, for the above acquisition by six SPVs 100 percent owned and controlled by Digital Media Distribution Trust of which Reliance Content Distribution Limited, a wholly-owned subsidiary of the Company is the sole beneficiary."
RIL said that the approval would 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.
RIL also said that it received comments from SEBI on the draft letter to offer the mandatory open offer to the shareholders of Hathway.
The open offer will be made in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. However comments on the draft letters of offer for the mandatory open offer to the shareholders are awaited, RIL informed.
To recall the company announced its strategic investment in and partnership Den Networks Limited and Hathway Cable and Datacom Limited last year in October.
RIL announced a primary investment of Rs. 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs. 245 crore from the existing promoters for a 66 percent stake in Den Networks Limited ("DEN") and Primary investment of Rs. 2,940 crore through a preferential issue under SEBI regulations for a 51.3 percent stake in Hathway Cable and Datacom Limited ("Hathway").
These strategic investments are in furtherance of Reliance's mission of connecting everyone and everything, everywhere - always at the highest quality and the most affordable price and transforming India's digital landscape. After having taken India to the top position in the mobile broadband space, Reliance is now committed to taking India from a global rank of 135th to among the top-3 countries in the world on wireline digital connectivity, RIL said.