Apollo India PE sells 4.4% stake in Dish TV for Rs 497 cr

The private equity firm which held 7.98% stake in the company brought down its shareholding to 3.58%

Apollo India Pvt Equity II (Mauritius) Ltd has reduced its stake in direct-to-home services provider Dish TV by 4.4 per cent through sale of 4.69 crore shares worth Rs 497 crore.

The private equity firm which held 7.98 per cent stake in the company brought down its shareholding to 3.58 per cent, Dish TV said in a filing to BSE.

The shares were offloaded on June 19, 2015 and based on the closing stock price of Rs 105.85 crore, the transaction is estimated to have been valued at Rs 496.56 crore.

Last month, Dish TV said it is looking to add up to 1.7 million net subscribers this fiscal.

During 2014-15 fiscal, the company reported a consolidated net profit of Rs 3.14 crore as against a net loss of Rs 157.61 crore in the year-ago period.

The Zee Group firm currently enjoys 26 per cent market share with 12.9 million net subscribers.

Shares of Dish TV were trading at Rs 106.65 apiece on BSE during the afternoon trade, down 0.05 per cent from the previous close.