GTPL Hathway climbs over 3% on increasing stake in two subsidiaries

Shares of GTPL Hathway advanced over 3 per cent in morning trade on Friday after the company said it will acquire remaining 49 per cent stake in GTPL Surat Telelink and additional 23.5 per cent stake in GTPL Ahmedabad cable network.

The scrip was trading 3.43 per cent up at Rs 162.90 at around 10.05 am (IST). Shares of the company opened at Rs 161 and touched a high and low of Rs 166 and Rs 161, respectively.

However, it extended the gains and eventually closed at Rs 165.30, up 4.95 per cent.


The company in a BSE filing said that its board has approved acquisition of remaining 49 per cent stake in GTPL Surat Telelink, making it a wholly-owned subsidiary of the company. The board also approved acquisition of further 23.50 per cent stake in GTPL Ahmedabad Cable Network, a subsidiary of the company in which the company presently holds 51 per cent equity shares.

On the BSE, 4,632 shares were traded in the counter so far, compared with average daily volumes of 6,715 shares in the past two weeks.

The stock had scaled its all-time high of Rs 190.30 on July 11, 2017 and record low of Rs 126.60 on August 24, 2017.