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Dish TV to raise $200m

Local reports say that Subhash Chandra’s Dish TV India is to raise $200m from an issue of Global Depository Receipts in order to fund expansion.

Dish had previously sought government permission (from its Foreign Investment Promotions Board) to raise around $150m but using a different financial instrument, a Foreign Currency Convertible Bond. Local reports say that Dish TV and/or its Essel Group parent will use the permission to raise equity capital as well as general funding.

Dish has 5.9m subscribers, and is looking to fund further programming and DTH expansion and to overall boost a revenue increase of some 70% for this current year compared with 2008. Other cash-raising rights issues have also been taking place, and the combined results of the assorted financial exercises will see Essel reduce their promoters stake by around 10% from their current 73.5% holdings.

However, while Essel/Dish were successful in winning government approval for their plans, other local media operations saw their applications deferred for the time being. These included applications from Sahara One Media and UTV Software.

Source: Rapid TV News

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