 "Hathway share sale oversubscribed, to help promoters meet 25% holding norms")
The share sale in Hathway Cable Datacom saw more bids than shares on offer, helping the promoter (Reliance Industries-led firms) pare their holding in the cable broadband service provider to comply with the 25 per cent minimum public shareholding norms.
The 205-million share offering (11.61 per cent equity stake) attracted bids for 279 million shares with both retail and non-retail portion getting oversubscribed, data provided by the BSE showed.
Most bids came in at the floor price of Rs 21.5, helping the promoter raise about Rs 441 crore.
This was the second attempt by Jio to pare its holding in Hathway. The share sale launched last month at floor price of Rs 25.3 was subscribed just 39 per cent.
Prior to the share sale, the promoter holding in Hathway stood at 86.61 per cent. Shares of Hathway ended at Rs 22.2 in the secondary market.
In 2018, Reliance through its subsidiaries had acquired 51.34 per cent in Hathway Cable. It later had launched a mandatory open offer which took its total shareholding to 94.09 per cent.