MUMBAI: GTPL Hathway, a part of Hathway Cable and Datacom which offers cable TV and broadband services, is preparing to raise around Rs 600 crore through an initial public offer (IPO) in June.

Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purpose, PTI reported.

A company statement stated that they had received capital markets' regulator SEBI approval to float the IPO.

According to the Draft Red Herring Prospectus (DRHP), the company's public issue comprises fresh issuance of equity shares worth Rs 300 crore and offer for sale of 1.8 crore scrips by the existing shareholders.

BNP Paribas, JM Financial Institutional Securities, Motilal Oswal Investment Advisors Pvt Ltd and Yes Securities will manage the public issue.

By 30 September last year, GTPL Hathway's digital cable TV services reached 169 towns across India, including towns in Gujarat, Maharashtra, Bihar, West Bengal, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh.

With around 5.41 million active digital cable subscribers, the company is now preparing to expand both its cable TV and broadband services with newer technology.

The company is gradually phasing out analogue services so as to comply with the government's policy on digitisation, which will provide it an opportunity to expand products with broadband services and additional high definition channels.