 "Dish TV clarifies on report of Airtel being in talks to buy majority stake")
Broadcast satellite service provider Dish TV India Ltd on Thursday refuted media reports suggesting telecom operator Bharti Airtel Ltd is in early talks to pick up a majority stake in it. Dish TV said in a regulatory filing that it was not aware of the transaction.
"We - Dish TV India Limited, would like to state that there is no information available with the Company which is required to be reported under extant SEBI Regulation (Regulation 30), which may have bearing on the stock price of the Company. Further, we would also state that the Company is not aware of the transaction which has been reported in the above mentioned news report," said Dish TV in a stock exchange filing.
Airtel is looking to buy 5.93% stake from Dish TV's promoter group and 25.63% stake owned by Yes Bank Ltd, the news report said. The lender is the largest shareholder, according to Refinitiv data.
The carrier has offered Rs 20 per share for the 5.93% of Dish TV owned by the promoter group, the report said, citing an unnamed company executive. The amount represents a 14% premium to Dish TV's closing price on Wednesday. Once the promoters and Yes Bank accept Airtel's offer, the carrier will offer to buy the remaining shares from other investors until it owns 51% stake, the report said.
According to the news report, Airtel executives have held talks with Dish TV parent Essel Group's founder Subhash Chandra after accounting firm EY submitted a due diligence report to Airtel on October 25.
On Thursday, shares in Dish TV rose 4.8% and were locked at their upper circuit of Rs 18.40.
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