Dish TV founders sell stake to raise funds

Dish TV founders sell stake to raise funds

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.