Dish TV cancels preferential issue

Dish TV India Ltd has announced about the cancellation and withdrawal of the Company's proposal for issue of the securities in one or more tranches on a Preferential basis to M/s. Indivision India Partners.

The company was planning to issue 12,500,000 Equity Shares of Re 1 each for cash at a price of Rs 100/-per share; and 9,615,385 equity warrants which would entitle to seek and convert these warrants in to equity shares of Re 1 each for cash at a price of Rs 130/- per share.

The Company had obtained all requisite approvals for the said issue, including regulatory approvals.

The Board of Directors had approved on December 05, 2007, Shareholders by means of Special Resolution on January 04, 2008, Ministry of Information and Broadcasting, Government of India (MIB) vide dated January 02, 2008 and Foreign Investment Promotion Board (FIPB) vide dated January 31, 2008.

Further the Company has informed that, even though the time limit of 15 days specified under Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 applicable for Preferential Issues Guidelines has expired on February 21, 2008, the Company has not been able to complete the process of allotment of these securities within the specified time limit in the absence of any remittance from the Investor towards subscription to these securities. Under the circumstances, the proposal for issue of the securities on a Preferential Basis to the Investor stands withdrawn and cancelled.

Source : Equity Bulls

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