NewsCorp exits Hathway Cable stake

Rupert Murdoch-led NewsCorp sold its entire stake for Rs 358.39 crore to two foreign funds.

Exiting its investment in Indian cable operator Hathway Cable & Datacom,Rupert Murdoch-led global media conglomerate NewsCorp today sold its entire 17.3 per cent stake for Rs 358.39 crore to two foreign funds.

NewsCorp held this stake in Hathway Cable as a promoter entity,through a group entity Asian Cable Systems Pvt Ltd.

The reasons for NewsCorp offloading its holding in the company could not be ascertained immediately.

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As per a regulatory filing,Asian Cable Systems Pvt Ltd sold its entire holding of nearly 2.47 crore shares through open market transactions for Rs 358.39 crore.

While nearly 1.05 crore shares were purchased by Macquarie Bank Ltd for about Rs 153 crore,remaining 1.41 crore shares were acquired by Providence Equity Advisors Mauritius Ltd for about Rs 205 crore.

The shares were sold through separate bulk deals at the NSE,the data available with the exchange showed.

As on December 31,2011,Asian Cable Systems held 17.3 per cent stake (2,47,15,500 shares) in Hathway Cable as promoter entity. The other promoter entities include Akshay Rajan Raheja (17 per cent),Viren Rajan Raheja (16.74 per cent),Hathway Investments Ltd (10.47 per cent) and Spur Cable & Datacom Pvt Ltd (5.36 per cent).

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The major non-promoter shareholders of the company include Infrastructure India Holding Fund,Reliance Capital Trustee Co Ltd,Government Pension Fund Global,UTI Mutual Fund and SBI Mutual Fund.

Hathway’s cable operations are spread across key Indian geographies,offering cable television services across 140 cities and towns and high-speed cable broadband services across 21 cities. It also holds a pan-India internet service provider license and offers broadband Internet services.