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GTPL Hathway’s transactions in 2016 relating to broadband and TV biz
MUMBAI: GTPL Hathway, which has filed its draft papers with market regulator SEBI for an initial public offering (IPO), carried out two transactions in 2016 relating to broadband and television businesses.
The broadband business of the company was sold to subsidiary company GTPL Broadband on a slump sale basis.
The consideration for transfer was Rs 29.15 crore (Rs 291.49 million), which was satisfied by issue of 20 million equity shares of Rs 10 each at par of GTPL Broadband to the parent company.
The balance consideration of Rs 9.15 crore (Rs 91.49 million) was treated as unsecured loan from GTPL Hathway to the broadband company, repayable within 1 year from 1 April 2016.
GTPL Broadband shall pay an interest at the rate of 10% on the unsecured loan.
On 1 April 2016, GTPL Hathway and GTPL Broadband entered into the slump sale agreement for transfer of the broadband business. Following this, GTPL Hathway sold the broadband business along with assets, liabilities, employees, books and other matters relating thereto, as a going concern and on a slump sale basis to GTPL Broadband.
In another transaction in 2016, GTPL Hathway acquired seven general entertainment cable TV channels from GTPL Television, an associate company, on a slump sale basis.
The consideration for transfer was Rs 7.50 million, which was adjusted against the receivables from Gujarat Television.
On 1 September 2016, GTPL Hathway and Gujarat Television entered into a slump sale agreement for acquisition of seven general entertainment cable TV channels. Following this, Gujarat Television sold these channels along with assets, liabilities, employees, books and other matters relating thereto, as a going concern and on a slump sale basis to GTPL Hathway.
As reported first in TelevisionPost.com, GTPL Hathway is offering a fresh issue of equity shares aggregating up to Rs 300 crore. It is also offering up to 18 million equity shares as offer for sale. Besides, the company is planning a Rs 150-crore pre-IPO private placement of up to 9 million shares.