A clutch of funds managed by Steadview Capital will pick up shares worth roughly Rs 100 crore in Hathway Cable and Datacom through the preferential allotment route.
Steadview Capital Mauritius, LTR Focus Fund and Massachusetts Institute of Technology will be issued 35,21,000 fully paid-up equity shares of the company, Hathway informed the stock exchanges today.
“The Indian cable industry is going through series of changes thanks to the process of digitisation. There is renewed investor interest in the sector as digitisation is expected to create a lot of value for broadcasters,” said Jagat Dave, Managing Director, Ambit Corporate Finance.
Ambit Corporate Finance advised Hathway on the transaction. Hathway will take shareholders’ permission for the allotment at an extraordinary general meeting to be convened at a latter date, it said.