Will gains from GTPL Hathway IPO be enough?

Given Hathway's high leverage and investments in broadband business, sale proceeds appear minuscule

Hathway Cable and Datacom (Hathway) was the largest gainer in Monday's trade with the stock going up as much as 5 per cent intra-day. A positive report by leading foreign brokerage Morgan Stanley coupled with the upcoming initial public offering (IPO) of its subsidiary GTPL Hathway (GTPL) are the key triggers behind this rally. Hathway is looking to raise as much as Rs 120 crore from the sale of shares in GTPL, which will pare its stake in the subsidiary from the prevailing 50 per cent to 36 per cent. While there is no clarity on how it plans to