Mumbai: Hathway Cable & Datacom has acquired the remaining 61.15% equity stake (20,54,832 shares) in its subsidiary, Hathway Cable MCN Nanded Pvt Ltd (Hathway Nanded), from existing shareholders, including Hathway MCN Pvt Ltd, a Hathway offshoot. The acquisition, valued at an aggregate cash consideration of Rs. 11 (Rupees eleven only), was disclosed to the Bombay Stock Exchange (BSE) on 27 November 2024.
With this move, Hathway Nanded becomes a wholly owned subsidiary of Hathway Cable & Datacom. The acquisition is part of the company’s strategy to consolidate its business operations in the cable TV sector.
Hathway Nanded, based in Nanded, Maharashtra, has been operational since its incorporation in March 2008. The company, which primarily runs cable TV services, reported a turnover of Rs. 5.58 crore in FY 2023-2024, down from Rs. 7.08 crore in FY 2022-2023, and Rs. 8.79 crore in FY 2021-2022.
The acquisition was conducted on an arm’s length basis, and one of the transferors, Hathway MCN Pvt Ltd, is a related party of Hathway Cable. The company clarified that none of its promoters, promoter group, or other group companies have any interest in the transaction. Additionally, no regulatory or governmental approvals were required for the acquisition.
