DTH

Apollo?s 3% stake sale in Dish TV earns it a profit of Rs 135 crore

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MUMBAI: US based alternative assets manager Apollo Global Management part sold its three per cent stake in direct to home (DTH) operator Dish TV for Rs 262.5 crore, through an open market transaction on 10 April. 

The stake comprising 32 million shares of an average price close to Rs 82, as compared to their original purchasing price of approximately Rs 39, was picked up by an investment unit of Citigroup and a mutual fund under Birla Sun Life.

With the sale purchase, Apollo will see a profit of Rs 135 crore. The Private Equity (PE) firm is now left with eight per cent stake in the company through its outstanding global outstanding depository receipts (GDR). This stake is valued at Rs 721 crore.

It was in 2009 when the PE firm invested $100 million to gain an 11 per cent stake in the company, which was the firm?s first investment in the country. Dish TV is part of the Subhash Chandra owned Zee Network with approximately 12.5 million net subscribers. With a strong range of 470 television and audio channels, it has 43 High Definition (HD) channels under its kitty. For the quarter ending 31 December, 2014 the company?s net loss stood at Rs 2.9 crore.



Meanwhile the ESSEL group through its continuation of an earlier intimation dated 26  August last year,  informed the BSE that the Board of Directors of the Company at their meeting held on August had considered and approved to transfer the Company's non-core business (including set top boxes, dish antenna, and related services) to its Wholly Owned Subsidiary - 'Xingmedia Distribution Private Limited' (presently known as 'Dish Infra Services Private Limited), subject to necessary approvals and as per the applicable provision of the Companies Act, 2013. 

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