| "If
the promoters will have to subscribe to the
rights issue without any participation from
other shareholders, their stake will go up
from 57.7 per cent to around 80 per cent.
Their exact holding after the rights issue
will, however, depend upon how much the others
subscribe," a source in the company said.
Dish
TV, which has a capex plan of Rs 16 billion, intends to raise a debt of Rs 880
million in the current quarter (Q3 of the fiscal). The company has a total debt
of Rs 7.5 billion, out of which Rs 4 billion is from the banking sector and Rs
3.5 billion is from the promoter group. Dish
TV has taken a mark-to-market loss of Rs 235 million during the first half of
the fiscal due to the depreciation of the rupee against the dollar, but has partly
hedged its position to have a cushioning effect for the remaining six months of
the year. The
current cost of customer acquisition stands at Rs 2600, taking into account the
dollar appreciation. The ARPU has fallen from Rs 171 to Rs 157 in the second quarter
of FY'09. The
content cost for the DTH operator is expected to fall from 55 per cent to 50 per
cent by the end of the fiscal. Dish
TV is targeting a carriage revenue of Rs 500 million this fiscal and expects it
to double in FY'10. Also
Read:
Dish
TV files with Sebi, plans to raise Rs 11.4 bn via rights issue
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