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Dish TV India seeks approval to raise INR 1,000 crore

DishTV

Source: BestMediaInfo

Dish TV is a Noida-based entity that offers Direct to Home services which include a set top box, channel packages for existing and for new customers as well. Recently, Dish TV India has announced to be in advanced talks to raise funding worth INR 1,000 crore through permissible modes and issuance of permissible securities.

The Direct to Home service company has recently acquired due permission from its Board of Directors for the proposal to raise funds through permissible means. In several reports, it is also mentioned that the company has appointed a special ‘Fund Raising Committee’ to take action on the above-mentioned proposal and monitoring the permissible modes through which the said funds will be raised and other relevant activities related to the transactions.

According to the company profile on CrunchBase, Dish TV had raised an undisclosed amount of funds in a Post- Initial Public Offering Equity round led by Yes Bank in May 2020. As mentioned in a report by Live Mint, by the end of the third fiscal quarter ending in December 2020, Dish TV India had reported a consolidated net profit of INR 86.41 crore. The report also mentions that around the same time, one year ago i.e., in 2019, the company had recorded a net loss of INR 66.77 crore.

According to the regulatory filings filed by the company, it is mentioned that the fundraise is being considered keeping in mind the requirement of the company for funds. The report mentioned that in the Board meeting, the Directors discussed about the various options through which the company can raise funds. In the meeting, the company decided to raise funds subject to corporate and regulatory Board approvals as and when it may be required under the applicable terms and conditions, rules and laws. Keeping this in mind, the company seeks to initiate the fund-raising process through the means of permissible securities, permissible notes and for an amount up to INR 1,000 crores. The statement concluded with the mention that these funds might be raised in one go or tranches in accordance with the applicable laws and regulations. The above statements have also been mentioned in a report by Live Mint as a part of the regulatory filing.

Anil Dutta, Chief Executive Officer ( Group ) says that The effect of the COVID-19 pandemic continues on the company, with some profitability was expected during the festivals season but it was ultimately an offset because of the muted consumer sentiment. Anyhow,  he mentions that the company will continuously focus on its cost front and driving operational efficiencies with better net profitability and higher operating margins.

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