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Hathway Cable rises on value buying

Capital Market 

Hathway Cable & Datacom gained 0.99% to Rs 25.40 as the counter witnessed bargain buying after a recent correction.

The stock fell 15.89% in the past five sessions to end at Rs 25.15 yesterday, from its recent closing high of Rs 29.90 recorded on 22 March 2021.

The company's offer for sale (OFS) for retail investors closed yesterday, 30 March 2021.

Through the OFS, the company's promoters Jio Content Distribution Holdings, Jio Internet Distribution and Jio Cable and Broadband Holdings propose to sell up to 33,79,83,855 equity shares (representing 19.09% stake).

The floor price for the OFS was Rs 25.25 per equity share, at a 11.71% discount to Hathway Cable & Datacom's closing price of Rs 28.60 on Thursday, 25 March 2021.

As of 31 December 2020, Jio Content Distribution Holdings held 42.34% stake, Jio Internet Distribution held 16.97% stake while Jio Cable and Broadband Holdings held 12.65% stake in the company.

The OFS opened on Friday (26 March 2021) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Tuesday (30 March 2021). A total of 10% of the total offer size was reserved for retail investors.

On Friday (T day), the OFS received subscription for 13,23,27,837 shares, recording a subscription of 43.50% on the non-retail offer size of 30,41,85,470 shares.

On Tuesday (T+1 day), the OFS received subscription for 2,12,678 shares, recording a subscription of 0.63% on the retail offer size of 3,37,98,386 shares.

Hathway Cable and Datacom is one of the largest multi system operator (MSO) & cable broadband service providers in the country.

The company's consolidated net profit declined 6.96% to Rs 62.56 crore on a 1.90% fall in net sales to Rs 442.25 crore in Q3 FY21 over Q3 FY20.

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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: Wed, March 31 2021. 12:39 IST