Dish TV block deal: 50 lakh shares change hands, volumes spurt

In December 2022, Yes Bank had transferred invoked shares of seven companies held by it, including Dish TV, to JC Flowers ARC

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Over 50 lakh shares of Dish TV changed hands on June 12, according to data on Bloomberg. Trading volumes of 1 crore shares at 11 am was about 45 percent higher than 1-week and 1-month average volumes. The stock was, however, quoting flat at Rs 13.84 on the NSE.

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As per the March shareholding pattern, domestic mutual funds held 1.59 percent stake in the company. Meanwhile, foreign institutional investors held about 15.92 percent in Dish TV.

Ace investors Mukul Agarwal and Ashish Dhawan had over 1 percent stake each in the company while JC Flowers Asset Reconstruction Company had 24 percent.

In December 2022, Yes Bank had transferred invoked shares of seven companies held by it, including Dish TV, to JC Flowers ARC under the arrangements to sell stressed loans worth Rs 48,000 crore. The private sector lender holds 9.99 percent stake in the ARC.

Also Read: Dish TV India proposes Manoj Dobhal as CEO after Anil Dua’s resignation

According to reports, the minority shareholders in the company have reached out to Ministry of Corporate Affairs on delay of EGM (extraordinary general meeting) from June 9.

Around 77 shareholders of Dish TV, representing 10.15 percent shareholding, have proposed to nominate K Badri Narayanan, Satis Kumar Yanmandra, and Jeet Sen Gupta as independent directors on the board of the Essel Group firm.

For the quarter ended March, the company reported a 21.5 percent decline in its consolidated revenue of Rs 504.8 crore as against Rs 642.70 crore a year back.

Subscription revenues for Dish TV India were down 32.3 percent to Rs 389 crore, contributing 77.1 percent of its total revenue in Q4 of FY23. The company’s advertisement revenue was at Rs 10.2 crore and it received Rs 91.7 crore from marketing and promotional fees during the same period.

The direct-to-home firm reported a consolidated net loss of Rs 1,720.62 crore for the fourth quarter, mainly on account of impairments and deferred tax liability.