Cable TV
Axis Mutual, ICICI Life are anchor investors for Ortel IPO; allotted 28.42% of QIB portion
BENGALURU: In its Red Herring Prospectus Ortel Communications had mentioned that out of the 90 lakh shares that form the QIB (qualified institutional bidders) portion of its IPO that opens tomorrow, up to 54 lakh equity shares (60 per cent of QIB portion) would be allotted to anchor investors on the anchor investment bidding date in consultation with the book running lead manager. Further, of the remaining 36 lakh equity shares of the QIB portion, at least 1.8 lakh shares would be allocated to mutual funds.
The anchor investor bidding date was today – 2 March, 2014. The company has allotted 25.57425 lakh equity shares (28.416 per cent of QIB portion) at the rate of Rs 181 per share aggregating Rs 46.29 crore to Axis Mutual Fund and ICICI Prudential Life Insurance. It may be noted that the allotment is at the lowest price of the price band.
The breakup of the anchor allotment is as follows: Axis Mutual Fund’s (Midcap Fund scheme) was allotted six lakh shares (23.46 per cent); Axis Mutual Fund (Small Cap Fund scheme) was allotted three lakh shares (11.73 per cent) and ICICI Prudential Life Insurance Co Ltd was allotted 16.57425 lakh shares (64.81 per cent) aggregating to 25.57425 lakh shares.
Ortel Communications Limited (Ortel) IPO that is to open tomorrow, March 3, 2015, is for up to 1.2 crore (12 million) equity shares of face value of Rs 10 each including a share premium per equity share. The price band is fixed from Rs 181 to Rs 200 per equity share. The issue constitutes 39.25 per cent of Ortel’s fully diluted post-issue paid up equity share capital and includes up to 60 lakh fresh issue shares and 60 lakh shares by the selling shareholder NSR-PE Mauritius LLC.
The funds raised through the IPO would be utilized for expansion of its network for providing video, data and telephony services; capital expenditure on development of digital cable services; capital expenditure on development of its broadband services; and general corporate purposes.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
