Dish TV to raise up to Rs 1,000 cr through rights issue

Direct-to-home company Dish TV India Ltd on Monday said its board has approved raising up to Rs 1,000 crore through a rights issue in one or more tranches.

The board of the company in a meeting held on Monday ''approved the fundraising of up to Rs 1,000 crores through rights issue of equity shares'', the Essel Group firm said in a regulatory filing.

This would be ''subject to receipt of such corporate, regulatory and other approvals/consents, as may be required under applicable rules, regulations and laws,'' it added.

Funds would be raised through issuance of fully paid-up equity shares at Rs 10 apiece, including premium of Rs 9 per fully paid-up equity share, to eligible shareholders of the company as on the record date.

''The Board authorised the 'Fund Raising Committee' to proceed with Rights Issue forthwith, and inter-alia decide the other terms and conditions of the Rights Issue including setting the record date... and other related matters," it said.

The DTH service provider's board had on February 7 this year considered various options for fundraising.

Later on February 17, the board constituted a Fund Raising Committee for ''recommending, taking actions and monitoring in the matters of raising funds and related matters thereof''.

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