Tata Sky’s valuation zooms to Rs 8,446.8 crore in FY15

Dinesh jain

Dream Legend
3 Feb 2014
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Tata Sky, a joint venture between Tata Sons and
Star India, has seen a sharp rise in its valuation. In the
fiscal ended March 2015, the equity valuation of the
direct-to-home (DTH) company stood at Rs 8446.8 crore
(Rs 84.47 billion), up 46.7% from Rs 5756.13 crore (Rs
57.56 billion) a year ago.

In FY15 Tata Sky issued 41,666,670 shares of Rs 10 each at a premium of Rs 50 per share to existing shareholders.

The total number of shares of the company stood at

In fact, the valuation saw a revision in the same financial
year. In the first issue, the DTH company allotted
86,956,530 shares at a premium of Rs 47.50 per share.
Later in the year, Tata Sky issued shares at a premium of
Rs 50 per share.

In FY15, Tata Sky raised Rs 750 crore (Rs 7.5 billion)
through equity and Rs 200 crore (Rs 2 billion) in debt to
fund capex of Rs 1400 crore (Rs 14 billion).
The capital raised through the first issue was Rs 500 crore
(Rs 5 billion). In the second tranche, Tata Sky raised Rs
250 crore (Rs 2.5 billion) at a premium of Rs 50 per

Tata Sky had an equity valuation of Rs 3,854.53 crore (Rs
38.55 billion) in FY13. The allocation of 6.15 crore (61.5
million) equity shares in FY13 was made at a premium of
Rs 23 per share. In FY14, the company issued equity
shares at a premium of Rs 35 per share.

Tata Sky is privately held, with Tata Sons owning 60%
stake in the company. Star India effectively holds 30% and
the remaining 10% is with Temasek Holdings.

Tata Sky’s net loss stood at Rs 267.27 crore (Rs 2.67
billion) in FY15 compared to Rs 280.41 crore (Rs 2.80
billion) a year ago. Profit (before depreciation, finance, tax
and prior period items) stood at Rs 926.74 crore (Rs 9.27
billion) compared to Rs 591.28 crore (Rs 5.91 billion) a
year ago.
As of 31 March 2015, Tata Sky’s accumulated loss on the
balance sheet stood at Rs 3,729.82 crore (Rs 37.3
billion). In FY14, the company had written off an amount
of Rs 1,500 crore (Rs 15 billion) against the securities
premium account.

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