Dish TV India announced that it sold 4.9% stake in the company to a Mauritius-based private equity firm, Indivision India Partners, promoted by Kishore Biyani`s Future Capital Holdings, for Rs 2.5 billion, reports Business Standard.
Dish TV will make a preferntial allotment of 12.5 million equity shares of Rs 1 each at a price of Rs 100 each aggregating Rs 1.25 billion. Indivision will also subscribe to 9,615,385 warrants, which will be converted into equity at Rs 130 a share, 18 months later.
The sale proceed will be used to expand Dish TVs operations. The company is planning to raise over Rs 10 billion in the next two years for expansion.
Currently, Dish TV is having around 2.6 million subscribers, controlling 67% of the market share of the 3.9 million subscribers.
Source: My Iris