MUMBAI: Cable TV MSO and broadband provider Hathway Cable & Datacom Ltd has flogged its entire 49 per cent stake in Hathway Patiala Cable Pvt Ltd for a cool Rs 25,00,000, the company announced on 24 March.
The broadband behemoth completed the share transfer around 4:00 p.m. (IST), washing its hands of the Patiala operation by selling 71,175 equity shares to Jujhar Constructions & Travels Pvt Ltd.
“The investment in Hathway Patiala was passive investment and had no contribution to the consolidated turnover and net worth of the Company for the FY2023-24,” the firm declared in its regulatory filing.
Jujhar Constructions, a real estate and transportation outfit incorporated under the Companies Act, 1956, already has ties to Hathway Patiala through its director and shareholder Gurdeep Singh. Singh, who has been pulling strings at Hathway Patiala, will now see his firm take complete control of the cable operation.
The cable giant was quick to note that Jujhar has no connection to Hathway’s promoter groups or other affiliated companies, maintaining that the transaction doesn’t constitute a related party deal.
For Hathway, this move appears to be less about cutting losses and more about trimming the fat from its extensive cable empire, with the Patiala operation apparently contributing nothing to the company’s bottom line last financial year.
The transaction was promptly reported to regulators under disclosure requirements of the Securities and Exchange Board of India.
