Hathway to raise capital by listing subsidiary

hathwayHathway cable and datacom said that it has decided to raise money by listing its subsidiary GTPL Hathway Pvt Ltd in India.

Hathway said it will sell 9 mln shares of GTPL during the initial public offering (IPO).

The cable operator also setup a committee to over see the IPO.

It did not reveal the timing or the price or the size of the IPO. Hathway is the largest cable company in India and requires money to convert its analog subscribers to digital as part of India’s cable digitilization program.

Hathway said the listing will be done keeping in mind market conditions. The Indian primary market has seen a drought of IPOs in recent years due to the lackluster performance of the overall market.