Hathway fixes IPO price band at Rs 240-265

Cable television and broadband service provider Hathway Cable and Datacom (HCDL) today said it has fixed the price band for its initial public offer (IPO) at Rs 240-265 a share.

Through the issue, which will open on February 9 and close on February 11, the company is planning to raise Rs 500-crore at the lower end of the price band.

"We will be raising Rs 500 crore through IPO at a lower band," Hathway's Chief Executive Officer and Managing Director K Jayaraman told reporters here.

The proceeds of the issue would be used for increasing customer base customers, building broadband infrastructure, repayment of loans and development of digital capital expenditure, services and set top boxes, he said.

The company, through its IPO, is issuing 27,750,000 shares of Rs 10 each for a cash at a price to decided through a 100 per cent book-building process.

The IPO comprises a fresh issue of up to 20,000,000 equity shares and an offer for sale of 7,210,000 equity shares by Monet and 540,000 equity shares by MPSI Mauritius.

The issue would constitute 19.43 per cent of the fully diluted post-issue paid-up capital of the company.