Dish TV founders sell stake to raise funds

Dish TV founders sell stake to raise funds
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First Published: Mon, Jun 08 2009. 11 47 AM IST
Updated: Mon, Jun 08 2009. 11 47 AM IST
Mumbai: “Founders of direct-to-home (DTH) operator Dish TV India Ltd have sold 5.8% stake in the company to raise Rs2.7 billion,” managing director Jawahar Goel told CNBC TV-18 on Monday.
He informed that the proceeds of the sale will be deployed back in the company.
Earlier in the day, around 65.88 million shares, or 6.96% of the equity of the company, changed hands on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in a series of block deals, according to data from the exchanges.
The weighted average price of the trades was Rs50.35.
In May, the company had approved raising $200 million by foreign currency convertible bonds.
At 11:38am, shares in Dish TV were down 11% at Rs47.80 in a weak Mumbai market.
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First Published: Mon, Jun 08 2009. 11 47 AM IST