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Shares of Hathway Cable and Datacom advanced 3.4 per cent to Rs 22.4 apiece on the BSE on Monday as promoter group Reliance Industries launched an offer for sale (OFS) to pare stake in the DTH firm. At 10:53 am, the stock was quoting at Rs 22 per share on the BSE, up 2 per cent, as against a 1 per cent gain in the benchmark S&P BSE Sensex. A combined 3.2 million equity shares had changed hands on the counter on the BSE and NSE till the time of writing of this report. The OFS is open for non-retail investors today while the same will open for retail investors on Tuesday, April 27.
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The assets under management (AUM) for domestic mutual funds (MFs) have grown at a good clip, but the industry has failed to make significant inroads in the hinterlands. At the end of March 2021, the AUM from T30 (top 30) cities stood at Rs 26.07 trillion, while that from the so-called B30 (beyond 30) cities stood at just Rs 5.36 trillion. The share of B30 cities has remained in the range of 15-17 per cent of the AUM since FY19. Industry players say improving the penetration beyond the top centres will require setting up more branch networks and empanelment of distributors. Further, the industry will have to focus on investors’ education and the creation of more infrastructure. Market participants say barring a few top players, the industry may not be able to afford this.
Reliance Industries (RIL)-promoted Hathway Cable & Datacom will launch an offer for sale (OFS) on Monday the second time in a month it will be doing so. The last OFS for Rs 853 crore was partially subscribed. This month, the company will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 per cent stake, at a floor price of Rs 21.50. Promoter group firms that will sell shares include Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings. The share sale by these firms is aimed at achieving minimum public holding in Hathway in accordance with the norms set by the Securities and Exchange Board of India (Sebi).