Hathway gets FIPB nod for Rs 430.6 million

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NEW DELHI: Hathway Cable & Datacom has secured the FIPB (Foreign Investment Promotion Board) clearance to raise Rs 430.6 million.

Hathway will issue compulsorily convertible debentures (CCDs) of the said amount.

In April this year, Hathway had got the FIPB clearance for Rs 2.17 billion to raise its foreign holding to 42.13 per cent by issuing CCDs to Infrastructure India Holdings Fund (IIHF) and Morgan Stanley Asia.

The multi system operator (MSO) has been aggressive in its expansion plans and acquiring cable networks.

This year itself, Hathway has bought 51 per cent stake in both Bhaskar Multinet Ltd, the cable TV arm of the Dainik Bhaskar Group, and Gujarat Telelinks Pvt Ltd. It has also acquired Marathwada Cable Network, an MSO which operates in Aurangabad.

Hathway has also launched digital cable in Ahmedabad and Indore on the Gujarat Telelinks and Bhaskar Multinet networks respectively.

Source : http://www.indiantelevision.com/headline...aug142.php