Digicable deal and Reliance Digital TV's fund-raising plan

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(29 August 2011 9:05 pm)

MUMBAI: Anil Dhirubhai Ambani Group is awaiting regulatory clearance of its offer to acquire cable TV service provider Digicable before it firms up fund-raising plans for the integrated digital entity, a top official said.

Reliance Communications Ltd. proposes to integrate its direct-to-home (DTH), IPTV and retail broadband operations with Digicable, the MSO it has offered to acquire in an all-stock deal.

"We are waiting for the Digicable deal to get regulatory approvals. We will weigh the fund-raising options after the proposed merger,” Reliance Digital TV CEO Sanjay Bahl told Indiantelevision.com.

The DTH business certainly needs cash for expansion. "But how much we would require will depend on the government's mandate for digitisation and the deal approval," he elaborated.

Several senior media executives of cable TV and DTH companies, however, have raised doubts of the deal getting clearance due to cross-holding restrictions.

The market is also speculating that Reliance is looking at offloading stake in its DTH business. "They could independently be looking at diluting stake in the DTH business. The Digicable deal clearance is taking too long for comfort," said a media analyst at a broking firm.

In 2009, Reliance was reportedly in talks with private equity firms Carlyle Group and Providence Equity to sell up to 20 per cent stake in its DTH business.
Already posted by karthik go here- http://dreamdth.com/Forum/Thread-Digicable-deal-and-Reliance-Digital-TV-s-fund-raising-plan

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