Dish TV gets shareholder nod to raise $200 mn

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.

Latest Reads
Highly-beneficial interactions take place at Broadcast India '16

The 26th Broadcast India Show concluded over the weekend in Mumbai, and was easily the most exciting Broadcast India Show yet. With thousands of eager, high-quality trade visitors swarming the show floor, a sentiment signalling highly-beneficial exchanges and interactions echoed through the halls...

Technology Software Applications
India, China to propel APAC, beat CAS Europe market share

APAC is expected to overtake the market share of Europe in future due to an increasing demand for digital TV set-up boxes in countries such as China and India. North America and Europe dominated the global CAS market in 2015. APAC region is estimated to mark a growth rate of 12.0 per cent CAGR...

Technology Hardware Set-top Boxes
India lucrative market for 4K UHD STBs: Grand View Research

Here’s a view on the demand for 4K or ultra high definition (UHD) set-top boxes (STBs) in India.

Technology Hardware Set-top Boxes
Infor appoints Dass as south Asian subcontinent V-P

Infor, a leading provider of business applications specialized by industry and built for the cloud, has appointed Ashish Dass as the vice president and managing director for the south Asian subcontinent. Infor software helps eliminate the need for costly customization through embedded deep...

Technology Software Applications
Siti & DishTV opt for Conax conditional access

The Essel group has been using Conax’s tech for sometime now for its Siti Network (earlier known as Siti Cable). Now the group has extended that partnership for another product for both Siti Network and DTH operator Dish TV India. This time it is for the cardless set top boxes that the two are...

Technology Hardware Set-top Boxes
Imagine Communications extends functionality of Selenio One unified transcoding platform to OTT

MUMBAI: Imagine Communications, empowering the media and entertainment industry through transformative innovation, today introduced a high-density adaptive bitrate (ABR) transcoding product built on Selenio One™, the company’s software-defined linear transcoding platform. Selenio One is designed...

Technology Hardware Components
DJI Makes Your Smartphone Smarter with the New Osmo Mobile

DJI, the world leader in creative camera technology, Thursday launched the Osmo Mobile, an extension for smartphones that turns them into intelligent, precision camera systems.

Technology Hardware Components
Prime Focus Tech gets funding from PE firm Ambit Pragma

MUMBAI: Prime Focus Technologies (PFT) – the technology offshoot of media services company Prime Focus - informed the Bombay stock exchange today that it had received its first round of funding from growth capital private equity fund Ambit Pragma.

Technology Software Applications
Three new products developed by C-DOT launched on its Foundation Day

Communications Minister Manoj Sinha today expressed the hope that 100,000 Gram Panchayats (GPs) will be connected through Optical Fibre Cable (OFC) by March next to set up a network infrastructure to serve the rural masses.

Technology Hardware Distribution

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories