Gujarat headquartered Multi System Operator (MSO) GTPL Hathway has sold it’s stake in one of its subsidiary company yesterday post which the company has ceased to be a subsidiary of the company.
The company yesterday informed BSE about the entire stake sale of its 51 percent stake holding amounting to 10,200 equity shares having a face value of Rs 10 each on GTPL Shiv Network on January 1, 2021. The stake sale has happened for a cash consideration of Rs 2 million through Share Transfer Agreement dated January 1, 2021. As a result of the stake sale, GTPL Shiv Network has ceased to be a subsidiary of GTPL Hathway.
GTPL Shiv Network reported total income of Rs 2.51 million which accounted to 0.01 percent of consolidated income the company and net worth of Rs 0.13 million which accounted to 0.002 percent of consolidated net worth of the company in FY 2019-20.
GTPL Shiv Network has been acquired by Varjangbhai Bhagwanbhai Bhadka. “The acquirer viz. Varjangbhai Bhagwanbhai Bhadka does not belong to the promoter/ promoter group/ group companies. The transaction does not fall within related party transactions,” the company stated in its BSE filing.