Fund house T Rowe raises Dish TV stake

Fund house T Rowe raises Dish TV stake
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First Published: Sat, Apr 21 2007. 12 06 AM IST
Updated: Sat, Apr 21 2007. 12 06 AM IST
Dish TV India Ltd has disclosed that T. Rowe Price Associates Inc., the Baltimore- based investment management fund, has acquired a 4.06% stake in the company. This takes T. Rowe Price’s holdings in Dish TV to 5.749%.
The company split from Zee Entertainment Enterprises Ltd and listed on the National and Bombay stock exchanges on 19 April. The share listed at Rs120, but closed the day at Rs105.5 on BSE. It recovered further on 20 April, closing at Rs109.75. Subhash Chandra, the Zee Group chairman, has earlier said Dish TV would invest Rs500 crore in its direct-to-home business. Dish TV’s managing director, Jawahar Goel, said the company had plans to raise its subscriber business from its present two million to 10 million by 2011.
Meanwhile, the central bank has barred overseas investors from buying more shares of Dish TV. Foreign institutional investors and overseas Indians can’t buy more shares of the Noida, Uttar Pradesh-based company as their ownership has reached the limit of 49%, the Reserve Bank of India said in a faxed statement on Friday.
Bloomberg also contributed to this story.
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First Published: Sat, Apr 21 2007. 12 06 AM IST
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