Mumbai: Cable TV and broadband Internet services provider Hathway Cable & Datacom Ltd on Wednesday said its board has approved a proposal for an initial public offering (IPO) by its subsidiary GTPL Hathway Pvt. Ltd.

GTPL Hathway offers cable TV and broadband services in several cities including Pune, Ahmedabad and Kolkata.

The IPO will help GTPL raise funds by way of a fresh issue of shares and give an option to existing shareholders to sell their shares, Hathway said in a filing to stock exchanges.

Hathway is looking to sell around 9 million shares that the company holds in GTPL through the proposed IPO.

The IPO is subject to subject to approval of the shareholders of the company, relevant regulatory authorities and third parties and on the terms and conditions that may be agreed to by the board, Hathway said.

The board also approved constitution of a committee to take necessary steps in connection with the IPO.

Hathway’s cable TV operations span across almost 140 cities, while the broadband service is provided in 21 cities across the country, according to the company’s website.

Hathway has approximately 1.4 million broadband customers. The company claims that its subscriber base constitutes approximately 52% of the total cable broadband market in India.

In addition to cable TV and broadband service offerings, Hathway also has Hathway Music—a non-stop 24-hour Hindi music channel and several local channels.

So far this year, 14 companies have raised 9,830.43 crore through the IPO route, while in 2015, 21 companies had raised 13,614.08 crore, according to data from primary market tracker Prime Database.

Shares of Hathway Cable and Datacom closed at 31.20, up 2.30% on BSE, while the benchmark Sensex declined 0.21% to 28,005.37 points.

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