Dish TV lenders invoke pledged shares, sell 3.85 cr shares

DTH service provider Dish TV on Tuesday said lenders have sold 3.85 crore pledged promoters' shares, following which the shareholding of the promoter group firm Direct Media Distribution Ventures Pvt Ltd has come down by 2.09 per cent.

DTH service provider Dish TV on Tuesday said lenders have sold 3.85 crore pledged promoters' shares, following which the shareholding of the promoter group firm Direct Media Distribution Ventures Pvt Ltd has come down by 2.09 per cent. In a regulatory filing Dish TV India said "3,85,65,000 shares have been sold by the lenders to whom shares of Dish have been pledged".

These shares were sold in four tranches between June 23-July 9, 2020. As per the regulatory filing, 1.12 crore shares were sold on June 23, 7.50 lakh shares on June 25, over 1.57 crore shares on June 26 and more than 1.08 crore shares were sold on July 9, 2020.

Post the transaction, Direct Media Distribution Ventures Pvt Ltd's stake in Dish TV stood at 12.94 per cent, as against 15.03 per cent earlier, the filing added. In May, Yes Bank had acquired over 24 per cent stake in Dish TV India following invocation of pledged shares due to debt default by the DTH service provider and other group firms.

Yes Bank Limited, pursuant to invocation of pledged shares, has acquired 44,53,48,990 equity shares of Dish TV India Limited constituting approximately 24.19 per cent of the post-issue paid-up share capital as at March 31, 2020, it had said in a regulatory filing. Shares of Dish TV were trading 4.38 per cent lower at Rs 7.43 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)