Private sector lender Yes Bank has acquired a 24.19% stake in Dish TV India’s largest Direct-To-Home (DTH) company in terms of subscribers, by the invocation of 44.53 crores pledged shares. The Dish TV shares each had a nominal value of one rupee.
The shares have been acquired according to the invocation of a pledge of the shares after default as well as breach of terms of credit facilities sanctioned by Yes Bank to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects, Mumbai WTR, and Pan India Infraprojects Ltd.
The Yes Bank said on Friday night that “The shares have been acquired on the invocation of a pledge of shares and this is a one-time transaction”.
Dish TV India is a direct-to-home entertainment service provider and it is operated by the Zee Group and the Videocon Group. Moreover, the company has a bandwidth capacity of 1,422 MHz with an ability to deliver more than 655 channels and services, including 40 audio channels and 70 HD channels and services.
An on Q3 of FY 2019-20, Dish TV had 23.95 million subscribers with operating revenue at ₹ 867.8 crore and operating profit of ₹ 505.6 crore. Its net loss for the quarter was at ₹66.8 crore.
Last year, Dish TV and Airtel both were in advanced talks to merge the DTH business of Dish TV with Bharti Telemedia, Airtel’s DTH branch. However, the two parties couldn’t reach an agreement.
As on March 31, 2019 Dish TV had reported a consolidated total income of ₹ 6,218.28 crore.