Technology

Dish TV gets shareholder nod to raise $200 mn

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MUMBAI: Subhash Chandra-owned Dish TV, the leading direct-to-home (DTH) television services provider, has received approval of its shareholders to raise $200 million through issue of equity to fund expansion and growth of the highly capital intensive business.

Dish TV will consider raising the amount through issue of equity or convertible bonds in the domestic or overseas market. If it decides to raise the money through a qualified institutional placement (QIP), the company may consider offering a discount of up to 5 per cent of the price to QIP investors.

The requirement for capital investments is also high now considering the shift to digital delivery of television channels across the country by December 2014. The government has implemented the first phase of digitisation effective 1 November in Mumbai, Delhi and Kolkata and in Chennai, a decision is expected soon by the Madras High Court. The second phase of digitisation covering 38 cities is effective 31 March.

Dish TV, in the notice to the shareholders, said DTH business is highly capital intensive, requiring huge financial resources from time to time. The company has been meeting these requirements through borrowings from banks, financial institutions, rights issue proceeds, issue of global depositary receipts (GDRs) and requisite funding from the promoter group from time to time.

The equity or convertible issue has been proposed considering the funding requirements and current market conditions, the company has said.

The consent of the shareholders was obtained through a postal ballot.

For the purpose of raising further equity, Dish TV has also obtained the approval of the shareholders to increase the company?s authorised equity capital to Rs 1.5 billion from Rs 1.35 billion.

The promoter holding in Dish TV stands at 64.7 per cent. In 2009, US-based private equity firm Apollo Management had bought an 11 per cent stake in the company for $100 million.

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