Private equity major ChrysCapital has exited its investment in Hathway Cable and Datacom Limited, one of the country’s top cable television services provider. The Delhi-based PE firm, which held the stake through its entity Monet Ltd, sold its remaining 6.36% stake in the
Rajan Raheja group firm through bulk deals for a sum of Rs 160 crore.
The shares were sold for Rs 175.18-175.33 per share on the NSE and BSE today. The buyers included SBI Mutual Fund and Reliance Equity Opportunities Fund.
The shares of Hathway closed at Rs 175.50 today, down by 7.68% on a day when the BSE also fell by 1.35%. Hathway, which debuted on the exchanges earlier this year, is currently trading at a discount to its issue price of Rs 240.
ChrysCap, which held a 13.26% stake in Hathway before the IPO, had made a partial exit during the issue by selling around 7% stake for Rs 173 crore. With today’s exit, this amounts to overall returns of around Rs 333 crore on an investment of Rs 264 crore made in April 2007.
Hathway had raised around Rs 700 crore from the issue and planned to use around half of the money for customer acquisitions besides investments for set top boxes and other infrastructure and some debt repayment. The firm had revenues of Rs 672 crore during 2008-09 with net loss of Rs 62 crore.