Hathway Cable gains after acquiring remaining stake in Hathway Nanded

Hathway Cable & Datacom added 2.88% to Rs 17.50 after the company acquired the balance 61.15% equity stake in Hathway Cable MCN Nanded (Hathway Nanded), a subsidiary of the company.

Hathway Nanded, incorporated in India on 11 March 2008, is engaged in Cable TV Business and has presence in Nanded, Maharashtra. It turnover was Rs 5.58 crore in FY24.

The company will acquire 20,54,832 equity shares from the existing shareholders of Hathway Nanded (including Hathway MCN, a subsidiary of the company) for aggregate cash consideration of Rs 11.

The acquisition of equity shares is for consolidation of business operations. Post-acquisition, Hathway Nanded has now become a wholly owned subsidiary of the company

One of the transferors (out of eleven transferors), i.e., Hathway MCN, is a related party of the company and the acquisition is on arm?s length basis. None of the company?s promoter / promoter group / other group companies have any interest in the above transaction.

Hathway Cable & Datacom is one of the largest multiple-system operator (MSO) and cable broadband service providers in India.

The company?s consolidated net profit jumped 28.61% to Rs 25.80 crore in Q2 FY25 as compared with Rs 20.06 crore in corresponding quarter last year. Revenue increased 5.98% YoY to Rs 512.74 crore in Q2 FY25 as compared with Rs 483.79 crore in Q2 FY24.

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