GTPL Hathway yesterday in a BSE filing intimated the acquisition of balance 49% equity shares of its subsidiary company GTPL City Channel Private Limited which has now become a wholly-owned subsidiary of the company after the transaction was completed on September 3, 2020.
GTPL City Channel has been acquired by the company for ease of business operations which has become a wholly owned subsidiary now. The transaction which included cash consideration has been completed at equity shares at face value of Rs 10 per share.
GTPL has acquired 4,900 equity shares which amounts to 49% equity holding. GTPL City Channel was incorporated on July 30, 2008 and is engaged in the business of cable services having presence in India.
The cable television company has an authorized share capital of Rs 1 lakh with a paid-up share capital of Rs 1 lakh. The transaction doesn’t fall under related party transactions.