Hathway to raise up to Rs 100 cr via preferential allotment to promoter firm

Cable TV and broadband service provider Hathway Cable and Datacom’s board has approved raising of funds up to Rs 100 crore through preferential basis to promoter entity Hathway Investments.

The preferential allotment will be issued at price per equity share not less than the minimum price determined in accordance with the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations, 2009 or at a price of Rs. 32.25, whichever is higher.

The proposal is subject to shareholders and other necessary approvals and compliance with applicable laws and regulations.

“Subject to the shareholders’ and other necessary approvals and compliance with applicable laws and regulations, raising of funds up to Rs. 100 crore by way of creating, offering, issuing and allotting, in one or more tranches (Preferential Allotment) such number of equity shares of face value Rs. 2 each of the Company for an aggregate investment amount of up to Rs. 100 crore (inclusive of such premium as may be fixed on such equity shares) on a preferential basis to Hathway Investments Private Limited, an entity forming part of the promoter group, at an issue price per equity share not less than the minimum price determined in accordance with the provisions of Chapter VII of the Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations, 2009 or at a price of Rs. 32.25, whichever is higher,” Hathway told BSE in a filing.

The company will issue draft notice of postal ballot to the shareholders for seeking their approval for the proposed preferential allotment and increasing the existing limit for creation of charge on the assets of the Company by way of mortgage/ hypothecation/charge over all or any part of the movable and/or immovable properties, without increasing the existing borrowing limit of Rs. 2,000 crore.

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