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Dish TV rights issue closes

Indiantelevision.com Team

(9 January 2009 9:00 pm)

MUMBAI: Dish TV's rights issue, fixed at Rs 22 per share, closed today. The DTH service provider is planning to raise Rs 11.4 billion to fund its expansion plans.

The stock price of Dish TV closed at Rs 19 on Friday, below the issue price.

During the rights issue period, the scrip was trading below Rs 22. Shareholders may have, thus, been reluctant to participate in the rights issue, indicating that the promoters would up their stake in the company.

Dish TV had structured the rights issue for subscribers who could pay in three installments. They could pay Rs 6 of the issue price of Rs 22 per share on application, while Rs 8 per share will become payable after three months but within nine months from the date of allotment, and the balance Rs 8 after nine months but within 18 months.