Gujarat headquartered Multi-System Operator GTPL Hathway has acquired an additional 10 percent equity shares of GTPL Bansidhar Telelink Private Limited which is a subsidiary company. The transaction has taken place yesterday with the stock exchanges informed about the acquisition.
The target entity is a cable television provider with an authorized share capital of Rs 0.2 million, paid-up share capital of Rs 0.2 million, and turnover of Rs 38.16 million as of March 31, 2020. The acquisition is strategic in nature with GTPL Bansidhar continuing to be a subsidiary of the company with 61 percent holding.
The acquisition has been completed in a cash consideration deal with the equity shares acquired at Rs 1500 per share having face value of Rs 10. GTPL has acquired 2000 equity shares which translates to 10 percent holding in the entity.
GTPL Bansidhar was incorporated in 2010 which has presence in India wherein GTPL has increased its holding from 51% to 61%. The company’s turnover in the last three fiscal years has magnified year on year.