GTPL Hathway fixes price band for IPO

GTPL Hathway, a subsidiary of cable operator Hathway Cable and Datacom Ltd, has fixed a price band of Rs167 to Rs170 per share for its proposed Rs600-crore Initial Public Offer (IPO).

Bids can be made for a minimum of 88 shares and in multiples of 88 shares thereafter. The IPO will open on Wednesday, 21 June, and close on Friday, 23 June, it said in a statement.

The offer comprises a fresh issue of Rs240 crore and an offer for sale of up to 14,400,000 shares by selling shareholders.

The book running lead managers to the offer are JM Financial Institutional Securities Limited, BNP Paribas, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited.

The company may also consider participation of anchor investors, which will be a day prior to the opening date. GTPL Hathway proposes to list the shares on BSE and National Stock Exchange of India Ltd.

Hathway Cable owns 50 per cent stake in GTPL Hathway, which, in turn owns and has joint ventures with other companies to run operations in Gujarat, Maharashtra, Rajasthan, West Bengal, Assam, Jharkhand, Andhra Pradesh and Madhya Pradesh.

GTPL, formerly called Gujarat Telelinks Pvt Ltd, was founded by Anirudhsinh Jadeja and Kanaksinh Rana in 2006. Rajan Raheja group-backed Hathway Cable acquired a 50 per cent stake in the private firm in 2008.