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Hathway Bhawani awaits SEBI nod

Our Bureau

MUMBAI: Hathway Bhawani Cabletel & Datacom Ltd, a part of the Rajan Raheja Group, is floating a public issue offering 16 lakh shares of Rs 10 each for cash at a price of Rs 20 per share aggregating to Rs 3.20 crore.

The company is in the process of seeking Securities and Exchange Board of India (SEBI) approval for the issue. The company, currently listed on the Bombay Stock Exchange, has a floating public stock of 10 per cent.

Currently, 51 per cent of the equity holding of Hathway Bhawani is held by Rajan Raheja Group companies — Hathway Cable & Datacom Private Ltd holding 24 per cent; Hathway Investments Ltd holding 3 per cent; and United Cable Networks Private Ltd holding 24 per cent.

Star TV holds 26 per cent stake in the company, which is the flagship company of the Rajan Raheja Group. The issue is from the dilution of the company's Managing Director, Mr Kuldip Puri's holding of 39 per cent.

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