Hathway disposes 50% stake in Net 9 Online Hathway

Hathway disposes 50% stake in Net 9 Online Hathway

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Multi System Operator Hathway Cable and Datacom earlier this month entered into an agreement with Net9 Online Hathway for disposing Hathway’s entire 50% stake having face value of Rs 10 each. Hathway has received a cash consideration of Rs 99 lakhs for the transaction post which the joint venture company has ceased to be a subsidiary of Hathway Cable and Datacom.

This is to inform that the Company has entered into an Agreement for disposing its entire 50% i.e. 5,000 Equity Shares having face value of Rs. 10/- each of Net 9 Online Hathway, a Joint Venture Company on March 18, 2021, for which the Company has received a consideration of Rs. 99,00,000/- (Rupees Ninety Nine Lacs Only). Subsequent to the sale, Net 9 Online Hathway have ceased to be a Joint Venture of the Company. For the preceding financial year 2019-20, Net 9 Online Hathway reported total income of Rs. 7,59,04,000/- (Rupees Seven Crore Fifty-Nine Lakhs Four Thousand Only)) (0.37% of the consolidated income of the Company) and Networth of Rs. 2,14,59,000/- (Two Crores Fourteen Lakhs Fifty-Nine Thousand) (0.06% of the Consolidated net worth of the Company). The Company has sold its entire shareholding (50%) to Mr. Satish Walke (13.33%), Mr. Deepak Panchal (18.33%) and Mr. Albert Dias (18.34%), existing Joint Venture Partners of Net 9 Online Hathway. Mr. Satish Walke, Mr. Deepak Panchal Mr. Albert Dias does not belong to Promoter/ Promoter Group/ Promoter Companies. This sale does not fall within the purview of Related Party Transaction. Further, the transaction is in the nature of sale of entire (50%) stake in a Joint Venture Company and hence it is not a slump sale,” said Hathway in a regulatory filing.

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