Yes Bank acquires 24.19% stake in Dish TV via pledged shares
- Private sector lender YES Bank has acquired 24.19 per cent in Dish TV, making it the second-largest shareholder in the direct-to-home (DTH) company.
- The bank’s move to pick up a stake in Dish TV comes following an invocation of pledged shares to the tune of 445.3 million in the firm, the lender said in a filing to the stock exchanges.
- The promoter family, led by Jawahar Goel, brother of Essel group promoter Subhash Chandra, now owns 30.37 per cent in Dish TV, counted among the leading DTH players in India with net sales of Rs 6,166 crore (for FY2018-19).
- The promoter family earlier held 54.56 per cent in the company, its March 31, 2020, shareholding pattern shows.
- As of Friday’s close, Dish TV’s market capitalisation stood at Rs 788 crore. The firm has shed 67 per cent of its value since January this year.
- This is the sixth such transaction by YES Bank in a year in various companies. Last year, YES Bank had invoked pledged shares of CG Power, Cox & Kings, and Reliance Infrastructure.
- While earlier this year, it had invoked pledged shares of Reliance Power and Sical Logistics, as investor pressure to reduce its exposure to debt-laden firms grows. As of March 31, 2019 (FY19), Dish TV’s debt stood at Rs 2,758 crore.
- According to the Telecom Regulatory Authority of India, Tata Sky has a market share of 31.61 per cent in the DTH market, followed by Dish TV at 31.23 per cent and Airtel DTH at 23.39 per cent respectively.
About Yes Bank Limited –
- Yes Bank Limited is an Indian public bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapur in 2004. It offers wide range of banking and financial products for corporate and retail customers through retail banking and asset management services.
- Founded – 2004
- Founder – Rana Kapoor
- Headquarters – Mumbai
- CEO – Prashant Kumar
About Dish TV India Limited –
- DishTV India is a company providing Direct to Home television service in India operated by the Zee Group and the Videocon Group.
- DishTV was launched by the Zee Group on 2 October 2003. It ranked # 437 and # 5 on the list of media companies in Fortune India 500 roster of India’s largest corporations in 2011.
- Founded – 2003
- Headquarters – Noida
- CEO – Anil Dua
जीके और दैनिक करेंट अफेयर्स अपडेट हिंदी में प्राप्त करें – क्लिक करें