GTPL Hathway Ltd., a 50:50 joint venture between cable TV operator GTPL and Hathway Limited, would raise Rs 480 crore from the public from an initial public offering (IPO) to retire debt and improve network infrastructure.
Nearly 1.4 crore equity shares would be offloaded through an offer for sale to raise Rs 240 crore and another Rs 240 crore will be raised by way of fresh equity, said GTPL Hathway Chairman A Jadeja.
He said that the money raised from the offer for sale would be utilised to repay debt, adding that the balance Rs 240 crore would be utilised for improving the network infrastructure.
The IPO, which opens on Wednesday, has a price band between Rs 167 and Rs 170 per equity share.
Jadeja said that the company enjoyed the highest market share in cable TV connections in Gujarat and was also a major player in Kolkata and Howrah markets.
The company expanded its reach in the states of Maharashtra, Rajashthan, AP, Telegana and Jharkhand.