Gujarat headquartered Multi System Operator (MSO) GTPL Hathway has increased its shareholding in subsidiary company GTPL Abhilash by around 20 percent, the company informed the stock exchanges on 21st December.
The transaction between the two entities has taken place through the conversion of Cumulative Convertible Preference Shares (CCPS) into the equivalent number of equity shares of Rs 10 each on December 21, 2020, as Share Purchase cum Shareholders’ Agreement dated September 23, 2017.
The transaction involved conversion of 17,06,245 CPS which has increased the shareholding of the company from 51 percent to 70.88 percent in GTPL Abhilash.
The company is a Cable Television entity incorporated in India on July 30, 2008 reporting revenue of Rs 80.09 million, Rs 52.01 million, and Rs 39.76 million and net profit/(Loss) of Rs (8.43) million, Rs 3.90 million, and Rs 3.06 million in the last three financial years i.e FY 2019-20, FY 2018-19 and FY 2017-18 respectively.
The deal isn’t subject to any government or regulatory approval with promoter of GTPL having no interest in the transaction apart from the company being a subsidiary of GTPL Hathway.
