Dish TV raises Rs 460 crore through a GDR issue

Dish TV, one of the key players in the direct-to-home broadcasting industry has issued 117 mn shares of Re 1 face value in the form of a GDR (global depository) issue.

The issue price works out to Rs 39.80 per share. The Dish TV share closed at Rs 40.65 on the BSE on November 23.

The new funds of Rs 460 crore or $100 mn will help the company accelerate its growth path. Dish TV has over 6 million subscribers and the DTH market is growing rapidly.

The shares were bought by Apollo Management, a $50 bn asset manager, with investments in media such as Hughes Network Systems, Intelsat, Sirius Radio Satellite and CableCom.

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