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Hathway Bhawani plans equity offer; mulls pay-per-view service

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Hathway Bhawani Cabletel & Datacom Limited has announced that an offer of 1.6 million equity shares of Rs 10 each for cash at a price of RS 20/- per share aggregating Rs 32 million is on the anvil.

This represents 20 per cent of the present paid up equity capital of the company. The offer for sale document has been filed with market regulator Securities and Exchange Board of India for necessary clearances. An official release informs that the proposed offer for sale benefits the company and its shareholders as the company will maintain its listed status on the Bombay Stock Exchange and at the same time offer greater liquidity to the shareholders of the company.





Hathway Bhawani is a leading Multiple Service Operator (MSO) with operations in the Central and Eastern Suburbs of Mumbai covering areas of Chembur, Sion, Kurla, Ghatkopar and Dadar T.T. The company claims to be the first cable television company to be listed on the Bombay Stock Exchange. It is also the largest cable network in Central Mumbai.





Since 1999, 51 per cent of the company's existing paid up equity capital is held by Hathway Cable & Datacom Private Limited (HCPDL), Hathway Investments Limited (HIL) and United Cable Networks Private Limited (UCNPL). The Rupert Murdoch promoted broadcaster Star TV officially holds 26 per cent of the paid up equity capital of HCDPL.





Hathway Bhawani recently invested about RS 10 million for a state-of-the-art new head-end at Chembur, Mumbai, and the laying of optic fiber cables for its cable internet business. The company's services / businesses have been organised into three divisions: distribution, channel and ISP.





On the company's agenda is the launch of a Pay Per View (PPV) service, where the subscribers can view movies and additional channels at their home. One of the options before the company is to launch PPV at a small incremental investment and thus offer a value-added service to the subscriber at a competitive price.





Hathway Bhawani runs two movie-based Cable Channels - BTV (Bhawani Superhit which telecasts popular Hindi Movies) and BVC (Bhawani Viewers Choice). The Company also runs a Religious Channel - BTV Upasana.

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