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Dish TV, one of the key players in the direct-to-home broadcasting industry has issued 117 mn shares of Re 1 face value in the form of a GDR (global depository) issue.
The issue price works out to Rs 39.80 per share. The Dish TV share closed at Rs 40.65 on the BSE on November 23.
The new funds of Rs 460 crore or $100 mn will help the company accelerate its growth path. Dish TV has over 6 million subscribers and the DTH market is growing rapidly.
It seems to be the season of GDR issues, just like it was the season of ECBs (external commercial borrowings) and FCCBs (foreign currency convertible bonds) a few years ago. After Tata Steel and Suzlon Energy, Tata Power has announced its intention to raise $250mn or about Rs 1,200 crore through a GDR issue. It also has a green shoe option allowing it to retain a portion of the oversubscription. Continue Reading →