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Jul 04, 2017 04:44 PM IST | Source: Moneycontrol.com

Post tepid listing, market debutant GTPL Hathway closes almost 1% higher

The stock had a tepid listing as it opened with a loss of more than 1 percent against issue price of Rs 170 on the National Stock Exchange.

Post tepid listing, market debutant GTPL Hathway closes almost 1% higher

Moneycontrol News

After seeing a tepid listing when it made a debut on the market on Tuesday, GTPL Hathway closed on a positive note, posting gains of almost a percent. The stock ended the day at Rs 171.65, up Rs 1.65, or 0.97 percent on the BSE.

The stock had a tepid listing as it opened with a loss of more than 1 percent against issue price of Rs 170 on the National Stock Exchange.

Shares of the company touched an intraday high of Rs 174.50 and an intraday low of Rs 162.25.

Cable TV and broadband services provider's initial public offering, which was opened for subscription during June 21-23, was oversubscribed 1.53 times.

GTPL Hathway raised nearly Rs 485 crore through the public issue that consisted of a fresh issue of Rs 240 crore and offer for sale of up to 1.44 crore shares.

The money raised through fresh issue will be utilised towards repayment of loan and other general corporate purposes while offer for sale money will go to selling shareholders.

Incorporated in August 2006, GTPL Hathway provides cable television and broadband services in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telengana, Rajasthan and Andhra Pradesh, as of January 2017.

It provides cable television signals to subscribers either directly or through affiliated local cable operators (14,606 as of January 2017). It has completed roll-out of set top boxes in Phase I, Phase II and Phase III areas and is working towards completing the roll-out of set top boxes in Phase IV areas.
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