GTPL Hathway declines as OFS gets poor response

GTPL Hathway fell 3.97% at Rs 62.95 as its offer for sale (OFS) opened for subscription for non-retail investors.

The company's promoter, Jio Content Distribution Holdings, offered to sell a total of 43,12,703 shares, or 3.83% stake, through an OFS. The floor price for the OFS is set at Rs 63 per share.

The OFS opened on Friday (28 February 2020) for non-retail investors, while retail investors will be able to subscribe on Monday (2 March 2020). The company has set aside 4,31,270 shares of retail investors and 38,81,433 shares for non retail investors.

As of 13:15 IST on Friday, the OFS received subscription for just 2 shares as against the non-retail offer size of 38,81,433 shares.

As on 31 December 2019, Jio Content Distribution Holdings held 4.48% stake in the company. Total promoter holding stood at 78.83%.

GTPL Hathway is one of India's leading Digital Cable TV and Broadband service provider.

On consolidated basis, the company reported a 78.2% jump in net profit to Rs 33.06 crore on a 114.3% jump in net sales to Rs 673.97 crore in Q3 December 2019 over Q3 December 2018.

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