GTPL Hathway Limited’s shareholding in GTPL Abhilash Communication Private Limited, subsidiary of the company, has increased from 51.00% to 70.88% pursuant to the conversion of 17,06,245 Cumulative Convertible Preference Shares (CCPS) into an equivalent number of equity shares of Rs10 each on December 21, 2020, as per Share Purchase cum Shareholders' Agreement dated September 23, 2017.
GTPL Abhilash is in Cable Television business and was incorporated in India on July 30, 2008. GTPL Abhilash reported revenue from operations of Rs80.09 million, Rs52.01 million and 39.76 million and Net Profit / (Loss) of Rs(8.43) million, Rs3.90 million and Rs3.06 million in last three financial years i.e. FY 2019-20, FY 2018-19 and FY 2017-18 respectively.
“No governmental or regulatory approvals were required for the said transaction. Apart from GTPL Abhilash, being subsidiary of the Company, none of the Company's promoter / promoter group / group companies have any interest in the transaction. The transaction is pursuant to the conversion of CCPS and the same is done at arms' length basis,” company said in a regulatory filing on Monday.
At around 9.35 am, GTPL Hathway Ltd was trading at Rs117.05 per piece up by Rs1.65 or 1.43% on the BSE.