MUMBAI: It’s acquisition  and consolidation time in cable TV land. Multisystem operator Hathway Cable & Datacom informed the BSE on 27 November 2024 that it had acquired the balance 61.15 per cent  equity stake ( 20,54,832)  equity shares from the existing shareholders (including Hathway MCN Pvt Ltd  - a Hathway offshoot) of Hathway Cable MCN Nanded Pvt Ltd  (“Hathway Nanded”), a subsidiary of the company for an aggregate cash consideration of Rs. 11 (Rupees eleven only). 

The acquisition of equity shares is for consolidation of business operations. Post-acquisition, Hathway Nanded has now become a wholly owned subsidiary of Hathway Cable & Datacom.  

Hathway Nanded, incorporated in India on 11 March 2008, runs cable TV operations and has a presence in Nanded, Maharashtra. It had a turnover of Rs 5.58 crore in FY 2023-2024, Rs 7.08 crore in FY 2022-2023 and Rs 8.79 crore in FY 2021-2022.  

It informed the stock exchange that one of the transferors (out of eleven), namely  Hathway MCN Pvt Ltd, is a related party of Hathway Cable  and the acquisition is on an arm’s length basis. None of the company’s promoter / promoter group / other group companies have any interest in the above transaction.  No governmental or regulatory approvals were required for the acquisition.