Dish TV to divest entire equity investment in Dish TV Lanka

Dish TV to divest entire equity investment in Dish TV Lanka

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Direct-to-Home (DTH) operator Dish TV yesterday approved the divestment of the company’s entire equity investment in Dish TV Lanka. The expected date of completion of divestment of equity held in the subsidiary company is subject to the fulfilment of the conditions of the Share Sale Agreement and requisite regulatory approvals.

The agreement is yet to be executed. Dish TV will be selling the shares to Union Network International Pvt Ltd which is based out of Colombo for a cash consideration of approx Rs 25 million Sri Lankan Rupees. The transaction will be completed post fulfilment of the conditions of the Share Sale Agreement.

The revenue from operations of Dish TV Lanka as on March 31, 2020 is INR 49,113 thousands constituting merely 0.14 percent of the total revenue of the company on consolidated basis. The net worth of Dish TV Lanka as on March 31, 2020 is INR 2,222,439 thousands constituting approx. 5.85 percent of the total net worth of the company on consolidated basis.

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