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Dish TV cancels issue of Rs250 cr securities to PE fund

Dish TV cancels issue of Rs250 cr securities to PE fund
PTI
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First Published: Mon, Feb 25 2008. 11 40 AM IST
Updated: Mon, Feb 25 2008. 11 40 AM IST
Mumbai: Dish TV India, a part of Zee Network Enterprises, Monday said it has cancelled the allotment of securities worth Rs250 crore to Mauritius-based private equity fund Indivision India Partners (IIP) on a preferential basis.
The process of issue and allotment of equity shares and warrants to IIP on a preferential basis stands withdrawn and cancelled, Dish TV said in a filing to the Bombay Stock Exchange.
“Due to recent volatility in the Indian markets, IIP wanted to drop taking the warrants and the Board of Dish TV felt that since the promoters are fully backing as well as the growth of customer acquisition is robust, we should not accept the change in deal structure, hence the company declined the change,” Dish TV Managing Director Jawahar Goel said.
The company has a complete plan for required funding, Dish TV said in a filing to the Bombay Stock Exchange.
“We reiterate our commitment toward Dish TV business and are confident of its growth prospects ahead. The promoters have in the past infused funds into the business as and when required, and would continue to support in the near future,” Dish TV Chairman Subhash Chandra said.
Indivision was supposed to be allotted 1.25 crore equity shares of Dish TV of Re1 each at a price of Rs100 each, aggregating Rs125 crore.
Further, the private equity fund was to subscribe 9,615,385 warrants - each convertible into an equity share - at a price of Rs130 per equity share aggregating to Rs125 crore.
Shares of Dish TV were trading at Rs61.55, down 2.22% on the BSE in morning trade.
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First Published: Mon, Feb 25 2008. 11 40 AM IST