Exiting its investment in Indian cable operator Hathway Cable & Datacom, Rupert Murdoch-led global media conglomerate News Corp on Monday sold its entire 17.3 per cent stake for Rs.358.39 crore to two foreign funds.
News Corp held this stake in Hathway Cable as a promoter entity, through a group entity Asian Cable Systems Pvt. Ltd.
The reasons for News Corp offloading its holding in the company could not be ascertained immediately.
As per a regulatory filing, Asian Cable Systems Pvt Ltd sold its entire holding of nearly 2.47 crore shares through open market transactions for Rs.358.39 crore.
While nearly 1.05 crore shares were purchased by Macquarie Bank for about Rs.153 crore, remaining 1.41 crore shares were acquired by Providence Equity Advisors Mauritius Ltd for about Rs.205 crore.
The shares were sold through separate bulk deals at the National Stock Exchange, the data available with the exchange showed.