Dish TV India raises US$ 100 million through GDR issue to Apollo Management

Noida - November 23, 2009: In a milestone deal in the DTH sector in India, Dish TV India Limited ("DishTV") has today reached an agreement to issue 117,035,000 new equity shares of Re.1 each in the form of 117,035 Global Depository Receipts ("GDRs"), at a price of US$854.5 per GDR (with each GDR representing 1,000 equity shares of Re 1 each), aggregating US$100 million.

The deal has been priced as per the pricing norms prescribed in respect of GDRs at a price of Rs 39.80 per equity share of Re. 1 each. Post this issue, Apollo will own 11% of the expanded capital of DishTV.

DishTV with over 6 million subscribers continues to aggressively expand the DTH market in India. This fund raising will enable DishTV to further accelerate subscriber growth.

Jawahar Goel, Managing Director of DishTV commented, "Apollo's interest in the company is a clear recognition of the attractiveness of DishTV's market position, its robust business plan and the success that has been achieved thus far. Apollo has a strong track record of investing in growing businesses, especially in the media sector, and with their investment, DishTV will be well capitalized to build on its market leadership and pursue its ambitious business obejectives."

Eric Zinterhofer, Senior Partner with Apollo said "Subhash Chandra is a highly successful, dynamic entrepreneur with whom we are very excited to be partnering. We are confident that the savvy operating oversight of Jawahar Goel and his management team will generate tremendous value for DishTV's shareholders."

Mintoo Bhandari, Managing Director of Apollo's India Advisor said "DishTV represents the type of franchise, industry leading asset that extends Apollo's considerable media expertise to the burgeoning India market."

The offering is expected to settle on November 30, 2009, subject to customary closing conditions.

The stock closed the day at Rs.40.65, up by Rs.0.30 or 0.74%. The stock hit an intraday high of Rs.41.95 and low of Rs.40.25.

The total traded quantity was 1830797 compared to 2 week average of 2732185.

Source : Equity Bulls

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