Reliance Industries-promoted Hathway Cable & Datacom will launch an offer for sale (OFS) on Monday.

Notably, this is the second time in a month Reliance will be doing so. The last offer for sale for Rs 853 crore was partially subscribed. Besides,  the company, this month, will launch a Rs 442-crore share sale, offloading 205.44 million shares, or an 11.61 percent 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). Sebi rules prescribe that promoters cannot hold more than 75 percent in a company.

On Wednesday, RIL decided against going ahead with the merger of Hathway, Den Networks and TV18 Broadcast into Network18, a year after announcing the transaction. A delay in implementation was among the reasons for the cancellation of the amalgamation scheme.

RIL has been slowly bringing down its stake in Hathway, trimming its shareholding from 94.09 percent in the quarter ended December 31, 2020 to 86.61 percent in the three months ended March 31, 2021. Hathway was acquired in October 2018 by Reliance.

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