Dish TV block deal: 50 Lakh shares exchanged, high volume activity

Dish TV block deal: 50 Lakh shares exchanged, high volume activity

Dish TV Block Deal with High Volume Activity as 50 Lakh Shares Exchanged

In a significant development, Dish TV experienced a block deal where an impressive 50 lakh shares were exchanged on June 12. This transaction resulted in high volume activity, surpassing the average volumes of the past week and month by 45 percent. Despite the robust trading, the stock remained steady at Rs 13.84 on the NSE.

According to the shareholding pattern in March, domestic mutual funds held a stake of 1.59 percent in the company, while foreign institutional investors possessed approximately 15.92 percent of Dish TV.

Renowned investors Mukul Agarwal and Ashish Dhawan held individual stakes exceeding 1 percent in the company. In addition, JC Flowers Asset Reconstruction Company possessed a substantial 24 percent stake.

Back in December 2022, Yes Bank transferred invoked shares of seven companies, including Dish TV, to JC Flowers ARC as part of a larger arrangement to sell stressed loans amounting to Rs 48,000 crore. Notably, the private sector lender holds a 9.99 percent stake in the ARC.

Reports indicate that minority shareholders of Dish TV have raised concerns with the Ministry of Corporate Affairs regarding the delay in the Extraordinary General Meeting (EGM) scheduled for June 9.

A group of 77 shareholders, holding 10.15 percent of the company’s shares, have proposed the nomination of K Badri Narayanan, Satis Kumar Yanmandra, and Jeet Sen Gupta as independent directors on the board of the Essel Group firm.

During the quarter ending in March, Dish TV reported a decline of 21.5 percent in its consolidated revenue, amounting to Rs 504.8 crore compared to Rs 642.70 crore in the previous year.

Also Read: CFF Fluid Control IPO Debut: Stock Soars on BSE SME Exchange

Subscription revenues for Dish TV India witnessed a notable decrease of 32.3 percent, totaling Rs 389 crore, contributing to 77.1 percent of its overall revenue in Q4 of FY23. Meanwhile, the company generated advertisement revenue of Rs 10.2 crore and received Rs 91.7 crore from marketing and promotional fees during the same period.

As a result of impairments and deferred tax liability, the direct-to-home firm recorded a consolidated net loss of Rs 1,720.62 crore for the fourth quarter.

About Dish TV:

Dish TV India, headquartered in Noida, Uttar Pradesh, is a prominent subscription-based satellite television provider in India. The company was established by the Zee Group on October 2, 2003, and boasts Yes Bank as its largest stakeholder.

For more of the Latest News, Click Here

Leave a Reply

Your email address will not be published. Required fields are marked *