GTPL Hathway increases stake in GTPL Rajwadi to 72%; Stock soars 4.5%

4 Apr 2022 , 09:42 AM

GTPL Hathway Limited has subscribed 33,571 equity shares of Rs10/- each at the rate Rs585/- per share of GTPL Rajwadi on April 1, 2022 in lieu of settlement of the outstanding dues as per Share Subscription Agreement executed on April 1, 2022. The increase in shareholding in GTPL Rajwadi is strategic in nature.

The Company’s shareholding in GTPL Rajwadi has increased from 25% to 72% and it has become a subsidiary of the Company.

At around 9.45 am, GTPL Hathway Ltd was trading at Rs191.95 apiece up Rs8.35 or 4.55% on the BSE. The scrip opened at Rs187.60 and has touched a high and low of Rs192.85 and Rs187.60 respectively.

GTPL Rajwadi was incorporated in India on May 6, 2008. GTPL Rajwadi is in Cable Television business. GTPL Rajwadi reported revenue from operations of Rs86.21 million, Rs78.19 million and 91.93 million and Profit/ (Loss) after Tax of Rs(0.02) million, Rs7.73 million and Rs(9.91) million in last three financial years i.e. FY 2020-21, FY 2019-20 and FY 2018-19 respectively.

“No governmental or regulatory approvals were required for the said transaction. Apart from GTPL Rajwadi, being Associate Company, none of the Company’s promoter/ promoter group / group companies have any interest in the transaction. The share subscription is done at arms’ length basis,” company said in a filing on Saturday.