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Stock Report
GTPL Hathway Limited to acquire Metro Cast Network India Pvt Ltd
Posted On : 2023-07-01 16:36:51( TIMEZONE : IST )
GTPL Hathway Limited has entered into Share Purchase and Subscription cum Shareholders' Agreement ("Agreement") on June 30, 2023 to acquire 4,37,676 equity shares of Rs. 10/- each of Metro Cast Network India Private Limited ("Metro Cast") at the rate of Rs. 571.1982/- per share for cash consideration aggregating to ~Rs. 250 million from its existing shareholders ("Acquisition") and to subscribe 4,02,428 equity shares of Rs. 10/- each at the rate of Rs. 571.1982/- per share for consideration other than cash, i.e., in lieu of sale/transfer of Set-Top-Boxes by the Company to Metro Cast aggregating to ~Rs. 229.87 million ("Subscription").
The transaction relating to Acquisition was completed on June 30, 2023, consequent to which the Company has acquired 34.34% equity share capital of Metro Cast. The transaction relating to Subscription is expected to be completed by December 2023. Post Subscription, the aggregate shareholding of the Company in Metro Cast will be 50.10%.
Metro Cast is in Cable Television business. The investment in Metro Cast is strategic in nature with an object of enhancing the Company's footprint in its existing markets of Maharashtra and Karnataka.
Metro Cast was incorporated in India on June 22, 2015. The turnover of Metro Cast for FY 2021-22, FY 2020-21 and FY 2019-20 was Rs. 700.77 million, Rs. 844.56 million and Rs. 760.98 million respectively.
No governmental or regulatory approvals are required for the transactions envisaged under the Agreement. The Acquisition and Subscription transactions do not fall within the ambit of related party transactions as defined under the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 or other applicable regulations and none of the Company's promoter / promoter group / group companies have any interest in Metro Cast.
Shares of GTPL Hathway Limited was last trading in BSE at Rs. 111.70 as compared to the previous close of Rs. 111.90. The total number of shares traded during the day was 2808 in over 114 trades.
The stock hit an intraday high of Rs. 113.30 and intraday low of 110.15. The net turnover during the day was Rs. 314522.00.
