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Dish TV promoters to buy additional 5% stake in merged DTH firm from Dhoots

JitendraKumar

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MUMBAI: Dish TV promoters will buy almost 5% stake from
the Dhoot family in Dish TV Videocon, the name of the Dish
TV-Videocon d2h merged company.
Veena Investments, one of the promoter companies of Dish
TV, has agreed to buy 4.95% stake from the Dhoots in Dish TV
Videocon. The Dhoot family is the promoter group of Videocon
d2h.


With this, the shareholding of
the Dish TV promoter group in
the enlarged company will go up
to 40.95% while that of
Videocon d2h promoters will fall
to 23.05%.
Dish TV promoters will also have for a period of three months
an option to purchase an additional equal stake one year after
shares of the merged entity start trading on the bourses.


TelevisionPost.com was the first to report that the promoters
of Dish TV are likely to buy 8-9% stake from the principals of
Videocon d2h to increase their holding in the merged
company.


According to Dish TV, the proposed transaction depends on
the merger being effected, which is subject to the approval of
various regulatory and other authorities, including the
Competition Commission of India, the Securities & Exchange
Board of India, the stock exchanges, the Ministry of
Information and Broadcasting and the High Court of Bombay.


Earlier, this month Dish TV and Videocon d2h had decided to
merge to create India’s biggest direct-to-home (DTH)
company. As per the merger scheme, Dish TV shareholders
would own 55.4% of the new company while the remaining
44.6% stake would be with the Videocon d2h investors.


As per the deal, Dish TV and Videocon d2h promoters would
hold 36% and 28% respectively.
With a combined subscriber base of 27.6 million, as of 30
September 2016, the merged entity will become the second-
largest DTH company in the world by subscribers, behind
DirecTV (37.8 million). Out of the total 175 million TV
households in India, the merged entity will have a 16% share.


Dish TV Videocon will also become a leading media company
by sales with combined revenue of Rs 5,920 crore (Rs 59.20
billion) in FY16. The combined EBITDA of the company is Rs
18,262, as of 31 March 2016.


As per the merger agreement, Dish TV Videocon will be led by
Jawahar Goel as chairman and managing director. Saurabh
Dhoot will be the deputy managing director.




Dish TV promoters to buy additional 5% stake in merged DTH firm from Dhoots | TelevisionPost.com
 

SarfaRaZ

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Why created new thread bhai :huh you should have posted here Link Removed
 
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