Apollo Global Management, a US private equity major, has sold 4.4 per cent stake in direct-to-home (DTH) company Dish TV. In the second tranche stake sale the firm earned Rs 486.57 crore, said a media report.
The firm in the name of Apollo India Pvt Equity II (Mauritius) Ltd. sold 46,911,765 shares (which are the 4.4 per cent stake) of Dish TV at an average share price of Rs 103.72 per share. The transaction is said to be through a block trade deal. Citigroup Global Markets picked up more than half of the shares (25,998,550 shares) at an average share price of Rs 103.65 and paid Rs 269.47 crore.
Apollo Global Management had earlier sold 3 per cent of its stake in Dish TV in April to earn Rs 262.53 crore. However, the shares were said to be sold at a much lower price of Rs 82.04 per share. It was picked up by Citigroup Global Markets and mutual fund under Birla Sun Life.
With the latest stake sale of Apollo, it has only 3.6 per cent stake in Dish TV remaining. The firm had invested Rs 465 crore ($100 million) in Dish TV in 2009 buying 11 per cent stake in it. It has now earned almost double with Rs 749.1 crore selling only 7.4 per cent stake in Dish TV.