Dish TV jumps 6% as board approves raising up to Rs 1,000 crore

The company and its promoters settled with Sebi cases of alleged disclosure lapses after paying nearly Rs 45 lakh as settlement charges

Shares of Dish TV India jumped 6 per cent to hit an intra-day high of Rs 12.60 on the BSE in Thursday's session after the company's board approved raising funds of up to Rs 1,000 crore. With today's gains, the stock has risen 9 per cent in the last two days.

The scrip, however, pared some gains and was trading 3.36 per cent up at Rs 12.29 on the BSE around 9.40 am as against a 0.05 per cent rise in the S&P BSE Sensex.

"Keeping in mind the requirement for funds in the company, the Board, at its meeting held today, i.e., February 17, 2021 considered various options for fundraising and granted in-principal approval to initiate the process of fund-raising for an amount up to Rs 1,000 crore, in one or more tranches." the firm said in am exchange filing. READ HERE

Besides, the company and its promoters -- Direct Media Distribution Ventures Pvt Ltd and World Crest Advisors LLP -- on Wednesday settled with market regulator Sebi cases of alleged disclosure lapses after paying nearly Rs 45 lakh as settlement charges.

The company had reported a consolidated net profit of Rs 86.41 crore for the third quarter ended in December 2020 as against a net loss of Rs 66.77 crore in the same period a year ago.

Its revenue from the operation was down 6 per cent year-on-year (YoY) to Rs 815.67 crore during the quarter under review as against Rs 867.80 crore of the corresponding quarter.