Cable TV

Hathway gets EGM nod for Rs 300.80 crore Capital Partners investment

MUMBAI: Multi system operator (MSO) Hathway Cable & Datacom has got shareholder approval for raising Rs 300.80 crore through preferential allotment of shares. The announcement was made after the MSO's Extra Ordinary General Meeting held today.

The MSO through a statement on the BSE, said, ‘subject to necessary approvals and compliance with the applicable laws and regulations, the issuance of up to 94,00,000 fully paid up equity shares of face value Rs 10 each (the Equity Shares) of the company to the following funds managed by Capital Research  & Management, at a price of Rs 320 per equity share, aggregating to Rs 300,80,00,000 by way of preferential allotment pursuant to Section 42  and 62 (1) ( c) and all other applicable provisions, if any of the Companies Act, 2013  and rules made thereunder (including any statutory modification) thereof for the time being in force) and other legal provision, including but not limited to chapter 7 of the Securities and Exchange Board of India (SEBI) (issue of capital and disclosure requirements) regulations, 2009, as amended.’

While Capital Partners' Smallcap World Fund will mop up 70,50,000 shares of Hathway at a tab of Rs 225,60,00,000, American Fund Insurance Series- Global Small Capitalisation Fund will pocket 23,50,000 shares, at a cost of Rs 75,20,00,000.

It was on 7 August that Hathway had got board approval for its fund raising,  which was then subject to shareholder approval. The MSO has now crossed one more hurdle towards raising the Rs 300.80 crores. Now what's left is ensuring compliance with laws and regulations and getting the necessary regulatory approvals.

According to Media Partners Asia, the deal values Hathway at Rs 51.6 billion and will dilute the MSO's promoter and promoter group companies (the Rahejas) holding from 47.5 per cent currently to 44.7 per cent.

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