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Metro Cast is in cable television business. Its turnover for financial year 2021-2022 was Rs 70.07 crore.
The investment in Metro Cast is strategic in nature with an object of enhancing the company's footprint in its existing markets of Maharashtra and Karnataka.
The company will subscribe 4,02,428 equity shares at the rate of Rs 571.1982 per share for consideration other than cash i.e in lieu of sale/transfer of set-top-boxes by the company to Metro Cast aggregating approximately Rs 22.98 crore.
The transaction relating to acquisition was completed on 30 June 2023, consequent to which the company has acquired 34.34% equity shares of Metro Cast. The transaction relating to subscription is expected to be completed by December 2023. Post Subscription, the aggregate shareholding of the company in Metro Cast will be 50.10%.
GTPL Hathway is India's largest multi-system operator (MSO) providing digital cable tv services and is the 6th largest private wireline broadband service provider in India.
The company reported consolidated net loss of Rs 11.75 crore in Q4 FY23 as compared with net profit of Rs 54.47 crore in Q4 FY22. Net sales jumped 12.2% year on year to Rs 692.42 crore in Q4 FY23.
The scrip fell 0.04% to settle at Rs 111.85 on Friday, 30 June 2023.
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