GTPL acquires remaining 49% stakes in two subsidiaries
MUMBAI: Multi system operator (MSO) GTPL Hathway has acquired the remaining 49% equity in GTPL Video Vision and GTPL Shivshakti Network to take complete control of the two subsidiaries. As a result, both companies have become wholly-owned subsidiary of the company.
The authorised and paid-up share capital of both the companies is Rs 1,00,000. The company stated that the acquisition has been done for ease of business operations. The transaction has been done at arm’s length basis
While GTPL Video Vision is not a related party transaction, Anirudhsinh Jadeja is a related party in the case of GTPL Shivshakti Network.
In GTPL Video Vision, the balance 49% equity shares have been acquired from Kanaksinh Rana, Promoter of the Company. GTPL Video Vision was incorporated on 30th July 2008.
Both GTPL Video Vision is engaged in the business of cable services.
The turnover of the last three years of GTPL Video Vision is 2018-19 (Rs 1.41 crore), 2017-18 (Rs 5 crore), and 2016-17 (Rs 4.19 crore).
In GTPL Shivshakti Network, the equity shares have been acquired from Anirudhsinh Jadeja (25%) and Kanaksinh Rana (24%), promoters of the company. GTPL Shivshakti Network was incorporated on 2nd July 2008. The company has a nil turnover.
In August 2019, GTPL Hathway had expanded its footprint in Maharashtra and entered the Mumbai market through the acquisition of Scod18 Networking. GTPL Hathway had acquired 16,42,000 shares in the company at Rs. 68.21/- per share having a face value of Rs. 10/- each. The consideration has been paid in cash. Scod18 Networking has an authorised share capital of Rs. 6.05 crore while the paid-up share capital is Rs. 1.64 crore.
Scod18’s turnover in FY19 was Rs. 30.56 crore compared to Rs 56.88 crore in FY18 and Rs 56.18 crore in FY17. Scod18 has a presence in Mumbai, Thane and Navi Mumbai. It had stated that the idea behind acquiring Scod18 is to enhance its footprint in Maharashtra. The transaction has been completed pursuant to which Scod18 has become a wholly-owned subsidiary of GTPL Hathway.