Cable TV
GTPL Hathway board okays additional stake buy in subsidiaries
MUMBAI: The board of directors of GTPL Hathway has approved the acquisition of additional stake in subsidiaries besides the sale/transfer of shareholding and preferential shares in a subsidiary company.
The multi-system operator (MSO) will increase its shareholding in subsidiary GTPL Space City from 61.50 per cent equity share to 74.5 per cent by acquiring additional 13 per cent equity shares. The company will also make GTPL Junagadh a wholly owned subsidiary by acquiring remaining 49 per cent stake.
The board has also approved the sale/transfer of all 51.08 per cent shareholding comprising 16,08,000 equity shares of Rs.10 each and 11,80,840, 10 per cent cumulative convertible preference shares of Rs 10 each in GTPL Chelikam Network India aggregating to Rs 1.18 crore.
Last year, too, the company turned three cable TV companies into wholly owned subsidiaries after buying remaining stake in the companies. GTPL Hathway last year increased its stake in two subsidiary companies GTPL Surat Telelink and GTPL Ahmedabad Cable Network. The company has acquired remaining 49 percent stake in GTPL Surat Telelink thereby making it a wholly owned subsidiary.
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