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DTH News : Dish TV’s open offer to commence on 5 June
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MUMBAI: Direct to home (DTH) operator Dish TV’s Rs 3,701 crore open offer will commence on 5 June and close on 18 June.

The promoters of Dish TV have made an open offer to shareholders for acquiring 26% stake in the company for a total consideration of Rs 3701 crore in cash.

World Crest Advisors together with Veena Investments and Direct Media Distribution for acquisition up to 50,01,87,279 fully paid equity shares at Rs 74 a piece.

The three promoter firms own 33.26% shares in Dish TV.

The open offer was triggered after the World Crest Advisors to acquire 50 lakh shares representing 0.26% stake at Rs 73.1 per share. The transaction will lead to the acquisition of more than 5% shares of the company in a financial year.

The company said that the open offer is being under regulation 3(2) of the SEBI (SAST) Regulations, 2011.

Yes Securities India is the manager to the offer.

The open offer comes at a time when Dish TV has merged with Videocon d2h to create a distribution behemoth. The two parties had concluded the merger deal on 22 March.

The merger paves way for the creation of the largest listed media company in India taking into consideration the last reported full-year revenue and EBITDA numbers of the two DTH players on a pro-forma basis. Dish TV and Videocon d2h reported separate revenue and EBITDA numbers which at a pro-forma level added up to Rs. 6086.2 crore and Rs. 1990.9 crore for FY17.

Source:
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Airtel Digital HD Recorder / Kerala Vision Digital TV
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