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| Exchange Disseminated Time 17/08/2016 13:00:57 | Hathway Cable & Datacom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 17, 2016, inter alia, has:-
1. in-principle approval to the proposal of GTPL Hathway Private Limited (GTPL), a material subsidiary of the Company, to raise capital by way of an initial public offer (IPO) by way of fresh issue of shares with the option to the existing shareholders of GTPL to offer for sale the shares held by them (OFS) in such IPO, subject to receipt of approvals from relevant regulatory authorities and third parties, the prevailing market conditions and on the terms and conditions as may be agreed by the Board;
2. in-principle approval to participate in the OFS that may be proposed by GTPL and offer and dispose off up to 9,000,000 equity shares of GTPL held by the Company as a selling shareholder in the OFS, at a price which shall not be less than the fair value of shares of GTPL or as the Board may deem fit in accordance with the prevailing market conditions and in the best interest of the Company, subject to approval of the shareholders of the Company, relevant regulatory authorities and third parties and on the terms and conditions as may be agreed by the Board;
3. approval to constitute a committee to undertake all necessary acts, deeds and things on behalf of the Board in connection with the IPO of GTPL; and
4. approval to seek consent from the shareholders by way of a special resolution as required under Regulation 24 (5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable provisions of the Companies Act, 2013 through postal ballot process to offer and dispose off up to 9,000,000 equity shares of GTPL in OFS under the proposed IPO at a price which shall not be less than the fair value of the equity shares of GTPL or as the Board may deem fit in accordance with the prevailing market conditions and in the best interest of the Company.
The said Meeting commenced at 11.00 am and concluded at 12.30 pm. |
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