Cable TV
Hathway to raise Rs 300.80 crore from FIIs
Updated: 04:32 PM
MUMBAI: It continues to be the darling of investors globally. On 6 August 2014, the Indian MSO Hathway Cable & Datacom got board approval to raise Rs 300.80 crore through a preferential allotment to two foreign institutional investors – the SmallCapWorld Fund (SWF) and American Funds Insurance Series. While it is proposing to allot 70,50,000 shares to SmallCapWorld Fund, American Funds Insurance is expected to mop up 23,50,000 equity shares.
The price that has been fixed is Rs 320 per share and the preferential issue is subject to shareholder and other necessary approvals and compliance with applicable laws and regulations.
Last year, Hathway had raised funds from Steadview Capital Mauritius, LTR Focus Fund, Massachusetts Institute of Technology (collectively Rs 100 crore), P6 Asia Holding Investment IV (Mauritius) (Rs 109.90 crore) at a share price of Rs 284 and the promoter Rajan Raheja group (around Rs 40 crore).
Prior to that, in March 2012, Providence Equity Advisors and Macquarie Bank had bought out News Corp’s 17.3 per cent stake in the MSO at collective a cost of Rs 358.39 crore through secondary market transactions.
Hathway had in June announced the induction of four new independent directors on its board including private equity firm founder and CEO Bramal Vasudevan, early stage VC firm Kae Capital head Sasha Mirchandani, law firm Trilegal’s partner Sridhar Gorthi and back office administrative services Lexvia Inc founder Devendra Shrotri. The four have been appointed for a five year term.
The MSO has been amongst the more proactive players in the cable TV distribution, broadband and ISP spaces and is seen as a bellwether for the sector. It currently boasts of a cable TV subscriber base of 11.5 million with more than 8 million of them being digital. Its broadband reach is more more than 1.8 million Indian homes and it has more than 400,000 broadband subscribers.
In the year ended 31 March 2014, Hathway notched up revenue of Rs 988.14 crore with a net loss of Rs 125.5 crore on a standalone basis.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
