In a public announcement made to shareholders, Dish TV promoter entities World Crest Advisors LLP, together with Veena Investments Pvt Ltd (persons acting in concert) and Direct Media Distribution Venture Pvt Ltd (persons acting in concert), 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 50.01 crore (50,01,87,979) shares of the company that form 26 per cent of the emerging share capital, payable in cash.
As per a filing earlier in the day, World Crest Advisors LLP was to acquire additional 50 lakh equity shares pursuant to which its shareholding would have gone beyond 5 per cent. As a result, the open offer obligation would be triggered.
"The acquirer (World Crest Advisors LLP) proposes to place a purchase order with its broker, to acquire up to Rs 50 lakh equity shares representing up to 0.26 per cent of equity stake of Dish TV, at a price not exceeding Rs 73.10 per share," it said.
"Pursuant to the above mentioned purchase order..shareholding of the acquirer along with persons acting in concert may increase by more than 5 per cent of Dish TV in one financial year. According this open offer is being made," it added.
In a separate regulatory filing, World Crest Advisors LLP said it has bought 9.15 crore shares representing 4.97 per cent stake of Dish TV from the open market. Prior to this transaction, World Crest Advisors LLP held 100 equity shares of Dish TV.
Shares of Dish TV settled 8.13 per cent higher at Rs 79.80 apiece on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)