RIL posts record ₹9,516 crore profit in Q2
Reliance Industries Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore.
Reliance Industries Wednesday reported its highest ever quarterly net profit of ₹9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period.
Its net profit stood at ₹8,109 crore in the second quarter of the previous fiscal, the company said in a statement.
RIL’s revenue rose 54.5 per cent to ₹156,291 crore during the said quarter
The company also said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for ₹5,230 crore.
RIL will make a “primary investment of ₹2,045 crore through a preferential issue under SEBI regulations and secondary purchase of ₹245 crore from the existing promoters for a 66 per cent stake in DEN”, the company said in a statement.
Also, it will make a primary investment of ₹2,940 crore through a preferential issue for a 51.3 per cent stake in Hathway.
RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway.
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