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| DishTV raises $100 mn via GDRs |
| BS Reporter / New Delhi Nov 24, 2009, 00:46 IST |
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DishTV, the country’s leading Direct-to-Home (DTH) operator, has raised $100 million (around Rs 470 crore) through the issue of Global Depositary Receipts (GDRs) to Apollo Management, a leading alternative asset manager.
Apollo Managment has made recent investments in the media and satellite space, in Hughes Network Systems, Intelsat, Sirius Satellite Radio and CableCom, among other companies.
Under the deal, DishTV will issue 117,035,000 new equity shares of Re 1 each in the form of 117,035 GDRs at a price of $854.5 per GDR (with each GDR representing 1,000 equity shares of a rupee each), aggregating $100 million. According to a company statement, the deal has been priced at the norms prescribed in respect of GDRs, at Rs 39.80 per equity share of Re 1 each. “Post this issue, Apollo will own 11 per cent of the expanded capital of DishTV,” a company statement said. The stock prices of DishTV went up by around four per cent after the company informed the Bombay Stock Exchange about the GDR deal. However, the stock closed at Rs 40.65, up 30p from the previous day’s closing price.
In a six-player DTH market, DishTV has cornered over six million subscribers.
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