Yes Bank acquires 24% stake in Dish TV India
Mumbai: Yes Bank has acquired 44.53 crore equity shares each having a nominal value of one rupee and constituting 24.19 per cent of Dish TV India Ltd's post-issue paid-up share capital as on March 31.
The shares have been acquired pursuant to invocation of pledge of the shares subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to Essel Business Excellence Services Ltd, Essel Corporate Resources Pvt Ltd, Living Entertainment Enterprises Pvt Ltd, Last Mile Online Ltd, Pan India Network Infravest Ltd, RPW Projects Pvt Ltd, Mumbai WTR Pvt Ltd and Pan India Infraprojects Pvt Ltd.
"The shares have been acquired on invocation of pledge of shares and this is a one-time transaction," said Yes Bank in regulatory filings at stock exchanges late on Friday.
Dish TV India Ltd is a direct to home entertainment service provider. 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.
It reported a consolidated total income of Rs 6,218.28 crore as on March 31, 2019. Dish TV India is operated by the Zee Group and the Videocon Group.