Hathway invests INR 9.9 mn to raise stake in its subsidiary

Hathway Cable & Datacom has planned to invest over INR 9.9 million to raise its stake to 31.69% in its subsidiary, Hathway Bhawani Cabletel & Datacom, through preferential route. Hathway Bhawani Cabletel & Datacom will allot over 900,000 fully paid equity shares, of face value of INR 10 each, at a price of INR 11 per share.

Hathway along with another group company, Hathway Media Vision Pvt Ltd, currently has a controlling stake in Hathway Bhawani. Hathway controls 24% stake of Hathway Bhawani and the group company Hathway Media Vision holds 27% stake.

Hathway Bhawani has recorded a loss of INR 6.5 million for the first quarter 2014-15 as compared to the INR 9.9 million in the fourth quarter 2013-14.