Mumbai, Jan. 16: Shares of listed cable operators Hathway Cable & Datacom Ltd and Den Networks Ltd shot up on the bourses following reports that Reliance Industries Ltd was considering buying a 26 per cent stake in them among other cable operators.

Shares of Hathway closed 12.11 per cent higher at Rs 132.80 on the BSE, while those of Den were up 6.25 per cent at Rs 63.75. Both cable operators denied the development.

In a clarification to the BSE, Hathway said, “Nobody from RIL has ever approached the company or anybody associated with our company.” Similarly, Den said, “It’s the company’s policy not to comment on speculative media reports and any information on strategic investments in the company.”

A RIL spokesperson said the company had held talks with various cable operators to explore the potential of last mile connectivity for the group’s broadband venture. He declined naming the operators that RIL has approached.

RIL chairman Mukesh Ambani has been in the news lately for his interest in media especially after a trust set up by the group announced that it was funding rights issues by Raghav Bahl-controlled TV 18 and Network 18 to pick up RIL’s stake in ETV channels in exchange for content for its 4G venture. While the transaction would not give RIL a stake in these two media companies, it is widely speculated that RIL’s influence over the media industry would get a major boost after this transaction.

Sources said RIL was seeking equity tie-ups with cable operators and multi-system operators as this would spare RIL investments and efforts in building a retail presence.