In a separate regulatory filing, World Crest Advisors said it has bought 9.15 crore shares representing 4.97% stake of Dish TV from the open market.
Promoter group entities of Dish TV have made an offer to buy an additional 26% equity stake from public shareholders of the direct-to-home (DTH) player for Rs 3,701 crore. In a public announcement made to shareholders, Dish TV promoter entities World Crest Advisors, together with Veena Investments (persons acting in concert) and Direct Media Distribution Venture (persons acting in concert), announced an offer to acquire shares of Dish TV at a price of Rs 74 per share. The offer is being made to all the shareholders of Dish TV to acquire up to 50.01 crore (50,01,87,979) shares of the company that form 26% of the emerging share capital, payable in cash. As per a filing earlier in the day, World Crest Advisors was to acquire additional 50 lakh equity shares pursuant to which its shareholding would have gone beyond 5%. As a result, the open offer obligation would be triggered.
“The acquirer (World Crest Advisors) proposes to place a purchase order with its broker, to acquire up to Rs 50 lakh equity shares representing up to 0.26% of equity stake of Dish TV, at a price not exceeding Rs 73.10 per share,” it said. “Pursuant to the above mentioned purchase order, shareholding of the acquirer, along with persons acting in concert may increase by more than 5% of Dish TV in one financial year. According this open offer is being made,” it added.
World Crest Advisors, together with Veena Investments and Direct Media Distribution Venture hold 33% of equity shares of Dish TV. In a separate regulatory filing, World Crest Advisors said it has bought 9.15 crore shares representing 4.97% stake of Dish TV from the open market. Prior to this transaction, World Crest Advisors held 100 equity shares of Dish TV. Last month, after over a year of snag, the merger of DTH operators Dish TV India and Videocon d2h was concluded. Shares of Dish TV settled 8.13% higher at Rs 79.80 apiece on BSE.