Zee Group’s direct-to-home (DTH) arm Dish TV on 30 April said its promoters would infuse up to Rs750 crore into the company by subscribing to preference shares.
“The board has approved, subject to appropriate approvals, issue of non-cumulative non-convertible redeemable preference shares of Rs100 each up to Rs750 crore on a private placement basis to the promoter group,” Dish TV informed the Bombay Stock Exchange.
Dish TV and Zee Group chairman Subhash Chandra had earlier said the company would invest Rs500 crore in the distribution business of the DTH operator.
Promoters had earlier sold 9% stake in Dish TV to a few institutional investors to raise Rs445 crore.
The capital raised, promoters had said, would be used to fund the expansion plans of Zee’s demerged distribution companies—Dish TV and Wire & Wireless India Ltd (WWIL).
Meanwhile, the board also approved another related proposal to hike the authorized share capital to Rs825 crore, from Rs73 crore at present.
The board has decided to convene an extraordinary general meeting of the shareholders on 25 May.