News Corp unit sells stake in Hathway for $72 mn

A unit of Rupert Murdoch's News Corp on Monday sold its 17.3% stake in cable television services provider Hathway Cable and Datacom Ltd for Rs 360 crore.

Asian Cable Systems Private Ltd sold 24.7 million shares of Hathway to Providence Equity Advisors and Macquarie for about Rs 145 a share, according to filings with the National Stock Exchange.

Shares in Hathway, which the market values at $508 million, ended up 0.8% at Rs 179.30, while the broader Mumbai market rose 0.5%.

Asian Cable Systems was the biggest shareholder in the company before the deal.