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Dish TV promoter cos offer to buy 26% stake for Rs 3,701 cr

Press Trust of India  |  New Delhi 

Promoter group entities of have made an offer to buy an additional 26 per cent equity stake from public shareholders of the direct-to-home (DTH) for Rs 3,701 crore.

In a public announcement made to shareholders, promoter entities World Crest Advisors LLP, together with (persons acting in concert) and (persons acting in concert), announced an offer to acquire shares of 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, 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.

World Crest Advisors LLP, together with and hold 33 per cent of equity shares of Dish TV.

In a separate regulatory filing, 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, held 100 equity shares of Dish TV.

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

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.)

First Published: Thu, April 12 2018. 18:00 IST