Cable TV

Nxtdigital’s rights issue subscribed by 194 %, receives Rs 560.13 cr

Demonstrates shareholders’ confidence in the company says Nxtdigital

New Delhi: Nxtdigital has announced that the company’s rights issue of equity shares of two shares for every five shares held in the company (aggregating a total of 96,20,463 shares) which closed on 29 November was subscribed 1.94 times.

The company has reported receiving a total of Rs. 560.13 crores or 194 per cent of the Rights Issue size of Rs. 288.61 crores. This is a clear statement of confidence in the company demonstrated by the shareholders and vindicates the vision of the media group in continuing to transform to an end-to-end digital solutions platform, the company said on Wednesday.

“The Rights Issue was another positive step taken by the company towards our stated objective of reducing our overall debt,” said Nxtdigital MD and CEO Vynsley Fernandes. “With this, the debt-to-equity ratio is expected to significantly come down to approximately 1.5 times vis-à-vis the pre-issue debt-to-equity ratio of over four times. This is, without doubt, a robust position from which to continue on our path of digital transformation”.

The company has also been taking steps to liquidate non-core assets and pare its debt thereby.

According to Nxtdigital's whole-time director and CFO Amar Chintopanth, the company has already received 25 per cent of the total consideration of Rs 69.30 crores in line with its objectives of paring debt, against the sale of land at Hyderabad. “Considering that the conditions precedent for the sale have been completed within the agreed timelines the company expects the transaction to close before the end of the financial year and the entire proceeds to be realised. Such proceeds would also be utilised towards reducing of the company’s debt”.

The integrated digital platforms company had recently launched its innovative concept of owned-and-operated NXTHUBs across the country – which besides video and broadband, promise to be future-ready to offer customers a slew of additional digital services including OTT and WiFi.

The company is also working to operationalise the infrastructure sharing model with other Multi-System Operators (MSOs) on HITS. The model is set to help MSOs not just reduce cost and improve their quality of service, but also facilitate their expansion into markets, especially rural, where connectivity costs are a deterrent to digital proliferation, it added further.

Latest Reads
Nxtdigital board gives in-principle nod for digital, media biz to be acquired by Hinduja Global Solutions

Mumbai: Nxtdigital Board on Friday accorded in-principle approval for its digital and media businesses comprising broadband, HITS, digital cable television, content syndication & teleshopping to be acquired by Hinduja Global Solutions Limited (HGSL). The proposed acquisition is subject to all...

Cable TV Local Cable Operators
GTPL Hathway reports consolidated revenues of Rs 6130 million for Q3 FY22

Mumbai: GTPL Hathway has announced the financial results for the third quarter and nine months ended on 31 December 2021, as approved by its board of directors. The company’s consolidated Q3 FY22 revenue (incl EPC) stood at Rs 6130 million. Its consolidated 9M FY22 revenue (incl EPC) stood at Rs 18...

Cable TV Multi System Operators
GTPL Hathway announces partnership with Aprecomm

Mumbai: Cable TV distribution and broadband service provider GTPL Hathway Ltd on Monday announced the investment in innovative technology to remotely optimise its residential Wi-Fi connections through a partnership with Aprecomm.

Cable TV Multi System Operators
Yogesh Sharma takes over as Siti Networks CEO

Mumbai: Siti Networks Ltd, an Essel Group company has appointed Yogesh Sharma as chief executive officer from 1 January. Sharma joined Siti Networks as vice president in 2018 and became the chief operating officer in 2019. He has been instrumental in introducing innovative ideas, implementing new...

Cable TV People
Do Smart TVs Have Security Risks?

The craze for Smart TVs at homes is through the roof. With the given benefits of watching different shows to browsing Internet on TV, smart TVs are probably on people’s appliances list to buy in the coming years.  

Cable TV Local Cable Operators
Free Dish grows by 11 per cent across rural, urban households: Chrome DM

Mumbai: Chrome Data Analytics & Media has announced the results for its bi-annual subscriber establishment survey (SES) and released a November report based on a Pan India ground survey conducted between April to June, 2021.

Cable TV Local Cable Operators
Nxtdigital clocks 15.48% revenue growth in H1

Integrated digital platforms company Nxtdigital, the media vertical of the Hinduja Group has reported a 15.48 per cent growth in its consolidated revenues for the half year ending 30 September. The revenue reached Rs 543.42 crore, up from Rs 470.58 crores for the corresponding period of the...

Cable TV Multi System Operators
Siti Networks posts Rs 509 million operating EBITDA in Q2 FY22

Mumbai: Multi-system operator (MSO) Siti Networks has released its consolidated audited financial results for Q2 FY22 ended on 30 September. The company has maintained operating EBITDA at Rs 509 million and its operating EBITDA margin expanded to 13.9 per cent. The company announced the launch of...

Cable TV Multi System Operators
Nxtdigital launches 40 new Nxthubs across India

Mumbai: Integrated digital distribution company Nxtdigital Ltd (NDL) has launched 40 Nxthubs across India and unveiled a value-added app for its last-mile owner (LMO) on Thursday. Following the launch of its pilot in Ranchi, these Nxthubs were electronically launched at an event in Hyderabad across...

Cable TV Local Cable Operators

Sign up for our Newsletter

subscribe for latest stories

* indicates required