Dish TV promoter cos offer to buy 26% stake for Rs 37-bn at Rs 74/share

Promoter group entities of Dish TV have made an offer to buy an additional 26 per cent equity stake from public shareholders of the direct-to-home (DTH) player for Rs 37.01 billion.

In a public announcement made to the shareholders, Dish TV promoter entities World Crest Advisors LLP, together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd, announced an offer to acquire shares of Dish TV at a price of Rs 74 per share.

The offer is being made to all the shareholders of Dish TV to acquire up to 500,187,979 shares of the company that form 26 per cent of the emerging share capital, payable in cash.

The open offer price is about 3 per cent lower than the current price of Dish TV at Rs 76 on the BSE.

Last month, after over a year of snag, the merger of DTH operators Dish TV India and Videocon d2h was concluded.

Shares of Dish TV were trading 2.98 per cent higher at Rs 76 apiece on the BSE on the morning trade.