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GTPL Hathway gains on offloading stake in unit

Capital Market 

GTPL Hathway rose 2.04% to Rs 127.40 after the company sold its entire 61.5% stake in GTPL Space City on 18 November 2020.

GTPL Hathway sold 12,300 equity shares of GTPL Space City at Rs 152.40 each for an aggregate sum of Rs 18,74,520 to Jayshriben H Sorathia, one of the existing shareholders of GTPL Space City.

The share purchase agreement was executed on 18 November 2020 and the sale concluded on the same day. Following the deal, GTPL Space City has ceased as subsidiary of GTPL Hathway. The announcement was made post trading hours yesterday, 18 November 2020.

On a consolidated basis, GTPL Hathway posted a 42.8% rise in net profit to Rs 49.90 crore in Q2 September 2020 from Rs 34.94 crore registered in Q2 September 2019. Net sales stood at Rs 575.64 crore in Q2 September 2020, registering a 7.1% decline from Rs 619.69 crore recorded in Q2 September 2019.

GTPL Hathway is India's leading Digital Cable TV and Broadband Service provider.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 19 2020. 10:58 IST