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Tag: Bombay Stock Exchange

  • Reliance had courted Zeel for media business transaction, says Invesco

    Reliance had courted Zeel for media business transaction, says Invesco

    Mumbai: Invesco Developing Markets Fund on Wednesday stated that Reliance Industries had made an offer to Zee Entertainment Enterprises Ltd (Zeel) to merge its media business, a deal which was struck down by Zeel’s managing director and chief executive officer Punit Goenka at the beginning of the year.

    According to a statement by the investor, “the potential transaction proposed by Reliance (the ‘Strategic Group’ referenced but not disclosed in the 12 October communication by Zeel) was negotiated by and between Reliance and Goenka and others associated with Zeel’s promoter family. The role of Invesco, as Zeel’s single largest shareholder, was to help facilitate that potential transaction and nothing more.”

    Invesco rejected Zeel’s assertion in the 12 October release that the former would seek out a transaction for Zeel that is dilutive to the long-term interests of ordinary shareholders, including Invesco itself, saying that it “simply defies logic.”

    A filing with the Bombay Stock Exchange on Tuesday showed that Goenka shared a note with Zeel’s board that detailed a proposed transaction under which the company’s current shareholders would have held 40 per cent while an unnamed (Strategic Group) Indian group, would have controlled 60 per cent after infusing Rs 14,000 crore cash in the merged entity.

    Goenka disclosed that as part of the Reliance deal, he would have continued as the managing director and chief executive officer of the merged entity and the promoter group of Zeel would be given 3.99 per cent shareholding of the merged entity. Goenka was also offered employee stock options (ESOPs) representing up to four per cent of the shareholding of the merged entity meaning that the promoter group would hold up to seven to eight per cent stake in the merged entity. 

  • How PVR is revolutionizing community movie-viewing in India

    How PVR is revolutionizing community movie-viewing in India

    MUMBAI: India is often the land of contradictions. For everything that is true about India, its opposite is also equally true. It’s no wonder then that despite producing the highest number of movies in the world, India’s screen density remains one of the lowest in the world. 

    As per FICCI Frames Report 2018, India only has 9,600 cinema screens compared to over 40,000 in both China and the US. This despite the fact that in the year 2017, India produced over 1807 films, more than the combined output of China (944) and the US (789), put together. To put it in perspective, India has an abysmal screen density of 8 per million in comparison with 117 per million in the US.

    This anomaly was first noticed by Ajay Bijli, CMD PVR Ltd, more than two decades ago when he forayed into the cinema business with the opening of the first PVR Cinema in Delhi in 1997. Today, PVR commands 821 screens, at 172 properties, in 70 cities (including India and Sri Lanka). On Monday, PVR also launched its first 12-Screen Superplex at Vegas Mall, Dwarka, New Delhi.

    Unveiling the property, PVR Cinemas CEO Gautam Dutta said, “In FY 19-20 we have been successful in crossing the 800-screen milestone and are now looking forward to expanding further. With this we are bringing the city’s first LUXE; designed to offer an unparalleled experience.”

    From four to 821 screens: PVR journey so far

    PVR Cinemas launched India's first Multiplex Cinema PVR Anupam, a four-screen cinema, at Saket, New Delhi, in 1997. In 2004, PVR launched India’s then-largest multiplex cinema PVR Bangalore, with eleven screens. This was also PVR’s first property outside the Delhi NCR region.

    Two years later, PVR was listed on the Bombay Stock Exchange and in 2008 it achieved the target of 100 screens in India. All this while, PVR also invested in enhancing the movie-viewing experience and in 2011, it launched PVR’s Director’s Cut, a 7-star movie viewing experience.

    Around 2012, PVR went into an acquisition overdrive and bought Cinemax that helped the multiplex chain cross 200 screens. In 2016, PVR acquired DT Cinemas from DLF for Rs 433 crore, adding 32 more screens operating under DT Cinemas to its portfolio. Just two years later, it acquired SPI Cinemas, a leading cinema player in South India with 76 screens operating under brand names like – Satyam Cinemas, Escape, Palazzo, The Cinema and S2. The deal, worth Rs 850 crore, helped PVR Cinemas cross 700-screen milestone and established it as a dominant player in South India.

    Speaking on the acquisition, PVR CEO Gautam Dutta said: “It was a natural course of progression for PVR to strengthen its standing in different regions of the country. South is an extremely important market and SPI Cinemas had a magnanimous hold over the region. The acquisition proved to be a profitable investment, with PVR being able to consolidate its position in the country and also in reaping the benefits of making a well-established entry into the region.”

    With the addition of 12 Screen Superplex, PVR now commands 821 screens in India, including a 9-screen property in Sri Lanka.

    Digitising the movie screen

    From opening India’s first multiplex in 1997 to launching India’s biggest multiplex in 2004, PVR has maintained its leading position by constantly investing in new technologies to enhance movie-viewing experience. The multiplex chain has been at the forefront of scaling up premium cinema formats to offer a mix of “exhibition” and “hospitality” experience with deep audience engagement.

    PVR has now various movie viewing premium screens in its portfolio like – Gold Class, Directors Cut, Imax (both in 2D and 3D), 4DX (launched in 2015 in partnership with CinemaCon), PVR PXL, (home-grown large screen format), PlayHouse (Kid’s Auditorium), PVR Onyx (India’s first LED screen cinema), and PVR Utsav (catering specifically to Tier-II and Tier-III cities).

    In 2018, out of the total 73 new screens opened by PVR Cinemas, 20 were premium screens (Gold Class, IMAX, 4DX, PXL, Playhouse).

    At present, PVR operates 4 screens of Director’s Cut, 37 screens of Gold Class, 9 of IMAX, 16 of 4DX, 08 of P[XL], 12 of Playhouse and 1 of PVR Onyx across the country.

    Apart from these, PVR is also investing in a host of new cutting-edge technologies. PVR Cinemas and CJ 4DPLEX, the world’s leading cinema technology company; signed a deal at CinemaCon 2019 to open 10 ScreenX theatres in India by 2021. Screen X is the world’s first multi-projection immersive cinematic platform which provides moviegoers a 270 degrees viewing experience by expanding the scene onto the side walls.

    In October, PVR unveiled India’s first D-BOX motion seats across five screens in Mumbai. It is also managing PVR Audit-Air-Ium: a clean air theatre format.

    Strategy for Tier-II, Tier-III cities: PVR Utsav

    India’s screen count remains low primarily due to lack of cinema penetration in tier II, tier III and tier IV cities. This presents a large untapped potential for multiplex chains and belatedly businesses are shedding their exhibitions in entering smaller Indian cities with premium movie viewing formats.

    UFO Moviez has launched NOVA and opened properties in smaller cities in Punjab, Maharashtra, Andra, MP and Chattisgarh. Ajay Devgn’s NY Cinemas is eyeing 250 screens in the next 4-5 years with a primary focus on smaller cities. PVR has responded with PVR Utsav.

    Dutta describes PVR Utsav as the “culturally and socially sensitive arm of PVR whose main objective is to provide hygienic, safe and secure cinematic experience to the aspirational audiences in tier II and tier III cities across the country. We are planning to enter into markets for the very first time such as Jaipur, Ajmer, Ambala, Patna, Bhubaneshwar and other cities.”

    Future Course

    The domestic theatrical market grossed Rs 102 billion in 2018. In addition, there are substantial earnings from F&B revenues which are estimated at around Rs 20 billion by FICCI Frames report. This growth in movie business means that PVR’s financials are in a strong position and its profits are increasing y-o-y.

    Last month, PVR reported 35 per cent year-on-year growth in its consolidated net profit at Rs 47.67 crore for the second quarter ended September 30, 2019. Its consolidated revenue jumped by 37 per cent to Rs 979.40 crore as compared to Rs 714.65 crore in the year-ago period. PVR’s surging revenue and profits will give the company plenty of room to expand and invest in newer movie-exhibition formats.

    There is also a huge untapped potential for expansion in smaller Indian cities and foreign markets as well. The overseas theatricals market for Indian films has grown to $30 billion in 2018.

    PVR has just launched its 9-screen property in Sri Lanka and will add a 7-screen in Colombo soon. However, its domestic rival Carnival Cinemas has made significant inroads in foreign markets. In July 2018, it signed the largest overseas acquisition deal for any Indian multiplex. The company entered into a definitive agreement with Elan Group to acquire Novo Cinemas, which operates 104 screens in the UAE and Bahrain.

    While for PVR, the next natural target would be to touch the milestone of 1000 screens, its nearest rival, INOX, is determined to close the gap with PVR. INOX already has over 600 screens in India and boasts of maximum new signings (around 900). INOX is a key challenger to PVR in metro cities and PVR’s expansion plans in smaller cities will face stiff competition from players like UFO Moviez and Devgn’s NY Cinema.

    While expansion is key, PVR has to tread carefully and be mindful of its huge debt burden. As of September 30, 2019, the company's debt increased to Rs 1,282.52 crore from Rs 1,247.17 crore in March.

    The company, however, is optimistic about its future, and rightly so. Dutta says the future growth looks very exciting.

    “We are on course to achieve the annual target of opening more than 100 screens in the coming months. The expansion will not only happen in Tier I cities but in Tier II and Tier III cities as well. We plan to introduce new concepts in India which the Indian movie-going audience hasn’t heard of. Apart from the opening of cinemas in new cities, with our enhanced offerings, we wish to increase the market size in the developed cities as well,” he added.

  • Brand-building for longevity and future growth becomes major focus for top brands in Brand Top 75 Most Valuable Indian Brands ranking

    Brand-building for longevity and future growth becomes major focus for top brands in Brand Top 75 Most Valuable Indian Brands ranking

    MUMBAI:–India’s most valuable brands, many of which have built their businessesthrough disruption, are now looking to capitalise on their achievements and invest in strategies for long-termgrowthand stability.This is a key finding of the sixth BrandZ™ Top 75 Most Valuable Indian Brands ranking, released today by WPP and Kantar. This year’s results revealed a 6 per cent rise in overall brand value to $228.2 billion, a moderate pace compared to previous years, given India’s recent macroeconomic challenges. Despite that, such growth is still in line with that of the BrandZ Top 100 Most Valuable Global brands, as India steadily rises in global economic rankings. 

    HDFC Bank, now ranked No. 1 for a sixth consecutive year,has demonstrated the rewards of maintaining a forward-thinking and innovative outlook,withits consistent focus on exceeding the changing needs of its customers. With new financial products, an ongoing drivetowards digital banking and new branches set-up throughout the country, the bankgrew 5 per cent in brand value to $22.7 billion. This is a positive contrast to the 8 per cent decline in value of the top 20 global banks .

    The BrandZ study, which is the only brand valuation ranking to combine companies’ financial data with consumer insight and opinion, shows that trust is key to develop the stabilityrequired for long-term success; highly trusted brands in the Top 75 are worth 129 per cent more than less trusted ones. 

    Trusted brands include many of the consumer-facing technology platforms and service providers. Despite owing their success to disruptive beginnings, these brands now also focus on activities to build trust such as ongoing and effective communications with consumers that generate comfort and familiarity with using the brand. With a 30 per cent increase in value, this sector was the fastest growing group of brands in the ranking.

    Notable brands include ecommerce site Flipkart (No. 12), which increased its brand value 14per cent to $4.7 billion, while unicorn brands hotel booking site Oyo($2.0 billion), online food ordering service Swiggy ($1.6 billion) and online restaurant marketplace Zomato ($1.0 billion) are newcomers to the ranking at No.30, No. 39 and No. 61 respectively.

    The fastest riser in the 2019 ranking is telecom provider, Jio, which climbed one place to No. 9 with a 34per cent increase in brand value to $5.5 billion.Itsdisruptive business model has made internet access available to many Indianswho were previously unable to afford it, thereby opening up access to digital platforms and services.Vodafone ($2.5 billion) meanwhile was the top-ranked newcomer at No. 24.

    Both digital and offlinebrandssuch as D-Mart (No. 25, $2.4 billion) have found success as a result of the rise of ‘middle India’; the growing number of people in the country’s second, third and fourth-tier cities and towns that are changing India’s traditional urban-rural divide.  These previously poorly-served segments increasingly have access to a variety of online services, with Swiggy and Zomatobuilding much of their growth on this shift.

    With an expanding choice of offerings to buy, Indian consumers increasingly care more about the quality of service than whether a brand originates in India, as long asit demonstrates that it understands what it means to be Indian. That insight is reflected in the decision by Amazon to launch itself a year ago as India’s ‘neighbourhood shop’.

    David Roth, CEO of The Store WPP EMEA and Asia and Chairman of BrandZ, says:“As India flexes its muscles on the world stage, it faces increased macroeconomic headwinds which have combined with a rise in global trade tensions to create a challenging environment.Successful Indian brands are adapting to these challenges andrecognising that longevity requires them to do more than just disrupt the status quo; long-term brand building requires new strategies that major on stability.”

    BrandZ Top 10 Most Valuable Indian Brands 2019

    Preeti Reddy, CEO South Asia, Insights Division, Kantar says “Consumer trust is a common thread among successful brands. However, it is concerning that only a few have succeeded in growing trust over the last five years. Those who done so, have done it through open and honest conversations with their customers. Brands would do well to consciously work at building consumer trust – it is the shield that gives a brand the resilience to face headwinds in uncertain times.”

    Vishikh Talwar, chief client officer, Kantar Insights Division, says: “The rise of ‘middle India’ combined with rapid growth of the mobile internet is providing unprecedented opportunities for brands.  But, with an almost overwhelming choice of products and servicesto buy, consumers are increasingly discerning; the Indian psyche requires that brands cater for local needs with offerings that genuinely improve daily life.  Today that’s as much about providing comfort and reliability as it is about generating new experiences.”

    In general, India’s top brands are taking a long-term approach to value creation. Over the past five years, a stock portfolio containing the BrandZ™ India Top 75 Most Valuable Indian Brands would have increased 33.8per cent in value. This compares to a rise of just 12.4per cent for India’s SENSEX, an index of 30 stocks on the Bombay Stock Exchange, demonstrating that valuable brands generate superior shareholder value. 

    Key trends highlighted in the BrandZ Indian Top 75 study include:

    Mobile internet access: Smartphone user numbers in India increased by 18per cent in 2018 (the fastest rate of growth in the world), mainly due to a combination of Jio’s own low tariffs and the renewed competition causing other telecom providers to reduce their rates.

    Buying power:Retail is the second fastest growing category, with online and offline both growing strongly. New entrantReliance Retail (No. 55, $1.1 billion)opened nearly 500 new stores and usedJio’s service to connect retail shops with grocery deliveries, while D-Mart ($2.4 billion) focused predominantly on offline, rising two places to No. 25.

    The Amazon effect:Amazon and Flipkart compete with many Indian brands across several sectors, with Amazon also opening its largest campus yet in India.  This has increased competition and driven brands to step up their operations to ensure they are meeting customers’ needs.

    A confident country: The success of unicorn brands such as Swiggy, Zomato and Oyo is fostering a new-found confidence in India.  This is augmented with the increasingly global outlook of these new brands as they actively seek to expand their operations outside India.

  • ET NOW launches ‘Budget for Bharat’, an exclusive programming line-up

    ET NOW launches ‘Budget for Bharat’, an exclusive programming line-up

    MUMBAI: Setting the agenda for the first full-year budget of the new Government ET NOW, India’s leading English Business News channel launches ‘Budget for Bharat’, a comprehensive budget special programming line-up. Capturing the opportunities, challenges in the backdrop of current economy and growth rate, ET NOW with its battalion of think tanks and experts will analyse the impact and implications of Budget 2019 for the consumers.

    Amplified by real time market data and data intelligence, ET NOW brings industry leaders across sectors to examine and decode Union Budget 2019 and put forth the nation’s economic priorities.  Programming details below,

    INDIA DEVELOPMENT DEBATE – BUDGET SPECIAL: ET NOW brings the eminent voices to discuss economy, markets and every subject that matters to the consumers.

    BUDGET HOTLINE: With the special call in show, ET NOW decodes every jargon, tax instruments and the nitty-gritties for the viewers. With the queries addressed by the top experts in the industry, the show aims to help consumers with their investments in line with the Budget.

    CII BUDGET WISHLIST:  A roundtable grasping the Budget expectations from the India Inc– CII.

    STATE OF THE ECONOMY POLL: With a detailed discussion with the country’s top economists, ET NOW brings the on-ground report of the State of the Economy in tie-up with Confederation of India Industry (CII).

    AGENDA FOR FM: On the eve of the Union Budget 2019, ET NOW presents the agenda that is set ahead of the Nirmala Sitharaman Finance Minister on July 05, as she tables her maiden Union Budget.

    CAMPUS BUDGET: ET NOW brings the voice of the millennials across Indian campuses on their expectations from the Union Budget.
    THE MUTUAL FUND SHOW: Ahead of the Union Budget, ET NOW will help the viewers understand how to brace the storm of volatile moves, keeping their investment safe for a long term via MFs.

    BUDGET DAY: Commencing with the LIVE coverage of the FM speech, think tanks- Swaminathan S Anklesaria Aiyar, Mythili Bhusnurmath, R Gopalan will analyse and dissect the Budget and give real-time views as its being delivered.  Tracking the economic and political impact of Budget, ET NOW will feature a series of series of in-depth discussions and interviews of various secretaries involved in the Budget making process.

    BUDGET 2019 – THE DAY AFTER: With a LIVE programming from Bombay Stock Exchange with market veterans, ET NOW will bring an all-encompassing analysis of Union Budget 2019 and guide viewers decipher the markets.

    With a platform agnostic approach ET NOW has also lined up a series of digital originals on the channels social media platforms, educating viewers through informative videos in the run up to the Budget.

  • Vodafone-Idea merger may be delayed beyond 30 June

    Vodafone-Idea merger may be delayed beyond 30 June

    MUMBAI: The mega-merger deal of Idea Cellular and Vodafone India may not meet the expected 30 June timeline as the Department of Telecommunications (DoT) is looking to raise a fresh demand of around Rs 4700 crore. Idea Cellular stocks fell 6 per cent in intra-day trade at the Bombay Stock Exchange (BSE).

    “Vodafone India had merged its all arm into one company and there are dues of around Rs 4700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea,” an official said as quoted by PTI.

    According to a report from Economic Times, the shares of the company opened at Rs 60.05 and touched a high and low of Rs 60.05 and Rs 57.80, respectively, in trade so far. Benchmark BSE Sensex was down 50 points, or 0.14 per cent, at 35,639 at around the same time. 

    In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India.

    The merged entity is proposed to be named Vodafone Idea Ltd if approved by shareholders of Idea Cellular. Vodafone Group and existing promoters of Idea will hold 45.1 and 26 per cent of the equity share capital of the merged company, respectively, and public shareholders will hold the balance 28.9 per cent.

    Also Read :

    DoT seeks legal view on the Vodafone-Idea merger

    Vodafone to get new shine from Idea; merger on its last leg

  • NDTV restructures biz & newsroom amidst reports of layoffs

    NEW DELHI: Buffeted by allegations of tax evasion and money laundering, which are being contested in appeal tribunals, one of India’s first private sector TV news organization NDTV has said it is reorganizing newsroom set-up and resources available to adapt to changing technologies like MoJo or mobile journalism.

    Stating that the restructuring was “not just about cost-cutting”, the Prannoy Roy-family promoted NDTV in a statement on Monday said, “Like other news broadcasters around the world, NDTV is reorganizing its newsroom and resources to focus on mobile journalism. NDTV has always been an early adapter of new technology and we are the first major network in India whose reporters are all trained in using mobile phones to shoot stories.”

    The statement comes amidst media reports that NDTV has handed pink slips to about 70 staffers, comprising mostly technical personnel and camerapersons. Outlook magazine, quoting unnamed sources, in a report on its website said on Monday that the number of “retrenched staff is likely to be between 60 and 70 of which around 35 camerapersons have been made redundant with the introduction of high-grade smartphones”.

    It must be clarified here that Indiantelevision.com could not independently verify or confirm the news on staff being laid off at NDTV.

    However, NDTV’s official statement, also given to the Bombay Stock Exchange (BSE), on Monday dropped ample hints about retrenchment of staffers owing to funds crunch.

    “This (the restructuring of business and newsroom ops to rely on MoJo) is not just about cost-cutting, though that is certainly, for us, like any other responsible business, an important factor in operations. Mobile journalism means reports are lightning-quick and much more efficiently produced, a priority for any news company,” NDTV said.

    Pointing out it would be “irresponsible” to viewers and shareholders, apart from being “archaic” to maintain decades-old templates of how to shoot and edit, NDTV defended itself on collateral damages of restructuring.

    “NDTV has long been valued for its commitment to its employees — our record on attrition across more than 20 years is testament to this and spoken of across the industry. We have ensured fair compensation for those employees affected by our restructuring,” the company stressed.

    Dwelling on the need to revamp, NDTV clarified like all businesses, broadcasting models too change and evolve and, hence, the “need to restructure” and keep pace with the digital world of journalism.

    What does MoJo mean? Live camera crews for coverage of finance minister Arun Jaitley’s briefing at Delhi’s Press Information Bureau, for example, have been replaced by a single reporter. The reporter doubles up as a journalist and cameraperson using high-end mobile phones and modern mobile networks to connect with the studio via Skype and other such similar services to cover the event or do a PTC (piece to camera, a TV jargon to explain when a TV news journalist comes on camera to report an event and answer queries from the studio).

    The news of retrenchment and business restructuring comes close on the heel of news that a tax tribunal had, reportedly, upheld claims made by the tax department on taxes not paid by NDTV, which has, however, contested the claims saying it was witch-hunt unleashed by the Modi government for standing up to media arm-twisting.

    “The court cases (relating to tax evasion) that are an attempt to punish NDTV for its award-winning objective journalism do not influence how we run and operate our newsroom. The emphasis on restructuring is rooted in the broader financial climate, our commitment to controlling costs and, most importantly, our move to consolidate on our core business, quality news content,” the statement said.

    ALSO READ:

    Tribunal upholds tax demand, NDTV intends to challenge order

    NDTV gets slapped with higher tax dues notice

    NDTV issues response to govt charges

     

  • PVR Ltd: HC nod to two subsidiaries’ merger with parent

    PVR Ltd: HC nod to two subsidiaries’ merger with parent

    MUMBAI: PVR Ltd has informed the Bombay Stock Exchange and the National Stock Exchange that the Delhi High Court, vide the formal Order issued on 4 January, 2017, has approved the Scheme of Amalgamation entailing merger of PVR Leisure Limited and Lettuce Entertain You Limited with PVR Limited effective from the appointed date of 1 April, 2015.

    Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd — which operates in-mall entertainment, food and gaming joints, and Lettuce Entertain You Ltd — which is into the business of operating restaurants items — would merge with PVR Ltd, their parent company, PTI reported.

    In its directive approving the merger, the HC has stated that all the property, rights and powers of the two transferor companies shall be transferred to the transferee company.

    Under the scheme, the court also stated, “the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure.”

    Also Read:

    Films Division shorts in cinema halls: Centre mulling revival

  • PVR Ltd: HC nod to two subsidiaries’ merger with parent

    PVR Ltd: HC nod to two subsidiaries’ merger with parent

    MUMBAI: PVR Ltd has informed the Bombay Stock Exchange and the National Stock Exchange that the Delhi High Court, vide the formal Order issued on 4 January, 2017, has approved the Scheme of Amalgamation entailing merger of PVR Leisure Limited and Lettuce Entertain You Limited with PVR Limited effective from the appointed date of 1 April, 2015.

    Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd — which operates in-mall entertainment, food and gaming joints, and Lettuce Entertain You Ltd — which is into the business of operating restaurants items — would merge with PVR Ltd, their parent company, PTI reported.

    In its directive approving the merger, the HC has stated that all the property, rights and powers of the two transferor companies shall be transferred to the transferee company.

    Under the scheme, the court also stated, “the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure.”

    Also Read:

    Films Division shorts in cinema halls: Centre mulling revival

  • GTPL Hathway files listing prospectus

    GTPL Hathway files listing prospectus

    MUMBAI: GTPL Hathway Limited, a material subsidiary of Hathway Cable & Datacom Limited, has intimated the BSE and the NSE of filing of Draft Red Herring Prospectus by GTPL.

    In the communique, Hathway Cable and Datacom head legal, company secretary & chief compliance officer Ajay Singh has stated: “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that GTPL Hathway Limited, a material subsidiary of the Company, has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India as well as with both the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited.

    As reported by indiantelevision.com earlier, the Hathway board had approved an initial public offering (IPO) proposal which seeks to raise funds for GTPL through a fresh issue of equity shares while giving an option to existing GTPL shareholders to sell their holdings. Hathway holds around 90 lakh shares in GTPL, according to a filing with the Bombay Stock Exchange, over the weekend.

    Among the largest cable television operators in India, the listed Hathway Cable and Datacom Limited (Hathway) has a number of subsidiaries and partnership in the television signal carriage and broadband ecosystems in the company. The company has various levels of investments in these associations. One of its most profitable associations, and probably one of the largest contributors (besides Hathway itself) to Hathway’s consolidated numbers across major financial and operational parameters is GTPL Hathway Limited (GTPL), a material subsidiary, in which Hathway owns a 50 per cent stake.

    Besides Hathway, another major shareholder of GTPL is its co-founder, Aniruddhasinhji Jadeja, who directly owns 14.6 per cent and controls another 29.1 per cent through another shareholding entity Gujarat Digi Com Private Limited which is majority owned by him. The other co-founder Kanaksinh Rana owns 5.2 per cent shares of GTPL.

    Also Read:

    Hathway Cable files GTPL details with BSE

     

  • GTPL Hathway files listing prospectus

    GTPL Hathway files listing prospectus

    MUMBAI: GTPL Hathway Limited, a material subsidiary of Hathway Cable & Datacom Limited, has intimated the BSE and the NSE of filing of Draft Red Herring Prospectus by GTPL.

    In the communique, Hathway Cable and Datacom head legal, company secretary & chief compliance officer Ajay Singh has stated: “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please be informed that GTPL Hathway Limited, a material subsidiary of the Company, has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India as well as with both the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited.

    As reported by indiantelevision.com earlier, the Hathway board had approved an initial public offering (IPO) proposal which seeks to raise funds for GTPL through a fresh issue of equity shares while giving an option to existing GTPL shareholders to sell their holdings. Hathway holds around 90 lakh shares in GTPL, according to a filing with the Bombay Stock Exchange, over the weekend.

    Among the largest cable television operators in India, the listed Hathway Cable and Datacom Limited (Hathway) has a number of subsidiaries and partnership in the television signal carriage and broadband ecosystems in the company. The company has various levels of investments in these associations. One of its most profitable associations, and probably one of the largest contributors (besides Hathway itself) to Hathway’s consolidated numbers across major financial and operational parameters is GTPL Hathway Limited (GTPL), a material subsidiary, in which Hathway owns a 50 per cent stake.

    Besides Hathway, another major shareholder of GTPL is its co-founder, Aniruddhasinhji Jadeja, who directly owns 14.6 per cent and controls another 29.1 per cent through another shareholding entity Gujarat Digi Com Private Limited which is majority owned by him. The other co-founder Kanaksinh Rana owns 5.2 per cent shares of GTPL.

    Also Read:

    Hathway Cable files GTPL details with BSE