Apollo Global Management had announced in end-June that it proposes to invest about Rs 1,575 crore in steel pipe-maker Welspun Corp and affiliated companies. Welspun’s share closed at Rs 169 the day before the deal was announced. Apollo was to invest in a combination of debentures and global depositary receipts, at a conversion price of Rs 225, indicating a premium of about 33%.
Private equity company Apollo Global Management LLC proposes to invest Rs 2,250 crore in the Welspun group’s steel business –pipes and related projects. The transaction will be carried out through multiple transactions by the PE firm which has about $70 billion or Rs 31,500 crore assets under management as of March 2011.
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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.