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.