Hathway Cable jumps 5% as RIL looks to acquire operator
NEW DELHI: Shares of Hathway Cable & Datacom jumped nearly 5 per cent in Wednesday’s trade after an ET report suggested that RIL has initiated talks to acquire India’s largest cable operator.
The move is seen as helping Reliance Jio speed up the commercial launch of its GigaFiber high-speed home broadband services.
The stock rose 4.74 per cent to hit a high of Rs 26.50 on BSE.
Three people with direct knowledge of the talks confirmed the development to ET, while maintaining that the talks were at “an initial” stage and a deal was still at an “exploratory stage”.
“It’s too early to say if the deal will go through or not, but RIL is aggressively pursuing it,” one of the people said. The valuation figure being discussed is around Rs 2,500 crore, this person said.
RIL and Hathway didn’t respond to ET’s request for comment until press time Tuesday.
The move is seen as helping Reliance Jio speed up the commercial launch of its GigaFiber high-speed home broadband services.
The stock rose 4.74 per cent to hit a high of Rs 26.50 on BSE.
Three people with direct knowledge of the talks confirmed the development to ET, while maintaining that the talks were at “an initial” stage and a deal was still at an “exploratory stage”.
“It’s too early to say if the deal will go through or not, but RIL is aggressively pursuing it,” one of the people said. The valuation figure being discussed is around Rs 2,500 crore, this person said.
RIL and Hathway didn’t respond to ET’s request for comment until press time Tuesday.
