RIL posts record ₹9,516 crore profit in Q2 - Hindustan Times
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RIL posts record 9,516 crore profit in Q2

Press Trust of India, New Delhi | ByPress Trust of India
Oct 17, 2018 07:53 PM IST

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.

Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016.(Reuters File Photo)
Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016.(Reuters File Photo)

Its net profit stood at 8,109 crore in the second quarter of the previous fiscal, the company said in a statement.

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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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