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Dish TV hits 5% upper circuit amid Bharti Airtel's stake purchase buzz

Dish TV India said that the Company is not aware of the transaction which has been reported in the media

Buzzing stocks | Dish TV | Markets

SI Reporter  |  Mumbai 

Dish TV

Shares of India were locked at the 5 per cent upper circuit, at Rs 18.05 on the BSE on Thursday, on reports that telecom services provider Bharti Airtel is in talks with the former to buy majority stake in broadcasting & cable TV operator. The stock of had hit a 52-week high of Rs 23.44 on September 15, 2021.

Till 02:14 pm, a combined 7.19 million shares had changed hands and there were pending buy orders for 5.6 million shares on the NSE and BSE, the exchanges data shows. Currently, India is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.

On its part, Dish TV India has informed the exchanges 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 media. READ EXCHANGE FILING HERE

According to media reports, Bharti Airtel is in early talks to acquire a majority stake in Dish TV India, a deal that would give it control of 50 per cent of DTH market in India. "We highlight that such newsflows had come earlier around 2 years back without fructification," ICICI Securities said in a note.

Meanwhile, according to a Business Standard report, the Supreme Court has stayed the first information report filed with the Uttar Pradesh police by Essel group founder Subhash Chandra against YES Bank, and officials of Videocon D2H. As part of its investigation, the UP police had frozen the voting rights on YES Bank's stake held in Dish TV India.

YES Bank wants to replace the current board of Dish TV with its own nominees as the lender is of the opinion that the board is siding with the Chandra family, whose stake in the company has decreased to 6 per cent. CLICK HERE TO READ FULL REPORT

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First Published: Thu, December 02 2021. 14:40 IST