Indivision to acquire Dish TV shares at Rs 100 and warrants at Rs 130

The Board of Directors of Dish Tv India Limited at their meeting held today have approved Preferential Allotment of Equity Shares and Warrants convertible into Equity Shares, aggregating Rs 2500 Million, as detailed below, to 'Indivision India Partners' ('Indivision') a Mauritius based Private Equity Fund, subject to requisite shareholder / regulatory and other approvals.

Indivision would be issued and allotted 12,500,000 Equity Shares of Re 1 each in the Company at a price of Rs 100/- each aggregating Rs 1250 Million.

Indivision would also subscribe to 9,615,385 Warrants, convertible in to 9,615,385 equity shares at a price of Rs 130/- per equity share aggregating to Rs 1250 Million, within a period of 18 months from the date of issue of the warrants. The aforesaid Preferential Issue would, subject to approval of the shareholders and other regulatory authorities, be inter-alia in compliance of SEBI Guidelines for Preferential Issues.

The 'relevant date' for the purpose would be today, i.e. 5th December 2007 and the pricing of the shares is at a premium to the average of weekly high and low of the closing prices during the last 26-weeks' and two weeks' preceding the Relevant Date. In this regard, the Board of Directors have also approved convening an Extra Ordinary General Meeting of the Members of the Company on Friday, the 4th of January 2008 to inter-alia seek and obtain the approval of the Members under Section 81(1A) of the Companies Act, 1956 for the Preferential Issue of Equity Shares and Warrants.

Source : Equity Bulls

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