MUMBAI: Yes Bank has acquired 24.19 per cent stake in Essel Group-promoted direct-to-home (DTH) operator Dish TV India Ltd. The bank has informed in a regulatory filing that it has acquired 44,53,48,990 equity shares having nominal value of Re 1 per share. Shares have been acquired on invocation of pledge of shares in a one-time transaction.

“Shares have been acquired pursuant to invocation of pledge of the shares subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Essel Business Excellence Services Ltd, Essel Corporate Resources Private Ltd, Living Entertainment Enterprises Private Ltd, Last Mile Online Ltd, Pan India Network Infravest Lrd, RPW Projects Private Ltd, Mumbai WTR Private Ltd,” Yes Bank said.

Dish TV reported consolidated unaudited subscription revenues of Rs 798.2 crore and operating revenues of Rs 867.8 crore in the third quarter of FY 20. The company has a bandwidth capacity of 1,422 MHz with an ability to deliver more than 655 channels and services including 40 audio channels and 70 HD channels and services.

The DTH operator emerged as one of the largest DTH operators with a huge subscriber base after a merger with Videocon D2H back in 2018. Earlier this year, merger talks between Dish TV and Airtel Digital TV reportedly ended with basic differences over each company’s valuations.