Dish TV India up 6% after promoters make open offer at Rs 74 per share

Dish TV India has moved higher by 6% to Rs 78.20 on the BSE in noon deal, after the promoters have made an open offer at price of Rs 74 per share.

“World Crest Advisors LLP together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd have made an open offer to acquire around 500 million equity shares, which represents about 26% of the emerging share capital of Dish TV at a price of Rs 74 per share aggregating to Rs 37 billion,” Dish TV said in a regulatory filing.

Today, on April 12, 2018, World Crest Advisors LLP bought 91.5 million shares or 4.97% stake of Dish TV India from the open market. As per the filing on BSE by Dish TV, World Crest Advisors LLP also placed a purchase order for the acquisition of 5 million shares (0.26% share capital of the company) at Rs73.1 per share.

Pursuant to the purchase order, shareholding of the above 3 entities may increase by more than 5% of the fully paid equity share capital of the company in one financial year. Accordingly, this mandatory offer is being made by the World Crest along with the persons acting in concerns, it added.

Thus far in the calendar year 2018, shares of Dish TV India had underperformed the market by falling 10% as compared to a marginal 0.44% decline in the S&P BSE Sensex till Wednesday.

At 01:55 pm; the stock was trading 5% higher at Rs 77.55 against 0.57% rise in the benchmark index. A combined 116 million shares have changed hands on the counter on the BSE and NSE so far.