GTPL Hathway Ltd, which offers cable TV and broadband services, plans to raise around Rs 600 crore through initial public offer (IPO) in June.
“We have received capital markets regulator Sebi’s approval to float an initial public offering. We plan to raise around Rs 600 crore through IPO in June this year,” a company statement said here.
GTPL Hathway’s public issue comprises fresh issuance of equity shares worth Rs300 crore and offer for sale of 1.8 crore scrips by the existing shareholders, according to the Draft Red Herring Prospectus (DRHP).
Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purpose.
As of September 30, 2016, the company’s digital cable TV services reached 169 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh. The company also has about 5.41 million active digital cable subscribers.
The company now plans to expand both its cable TV and broadband services with newer technology.
The company is phasing out analog services in order to adhere to the four-phased policy on digitisation, which will provide it an opportunity to expand product suite with additional high definition channels and broadband services.
GTPL Hathway is part of Hathway Cable and Datacom Ltd.