Dish TV board approves fundraising plan of up to Rs 1000 cr
The company's board has granted in-principle approval to explore and initiate the process of fund-raising through permissible modes and issue of permissible securities
Direct to home (DTH) company Dish TV is planning to raise funds up to Rs 1000 crore. The company's board has granted in-principle approval to explore and initiate the process of fund-raising through permissible modes and issue of permissible securities.
"Keeping in mind the requirement for funds in the Company, the Board, at its meeting held today, i.e., February 17, 2021, considered various options for fundraising and granted in-principal approval to, subject to such corporate, regulatory, and Board approval(s), as may be required under applicable rules, regulations, and laws, explore and initiate the process of fund-raising through permissible modes and issue of permissible securities, for an amount up to Rs. 1,000 crores, in one or more tranches ('Issue'), in accordance with applicable laws," Dish TV said in a regulatory filing.
"In this regard, the Board has constituted 'Fund Raising Committee' for recommending, taking actions and monitoring in the matters of raising funds and related matters thereof," it added.
It is pertinent to note that the ministry of information and broadcasting (MIB) had recently asked Dish TV to pay up Rs. 4164.05 crore in licence fee dues including interest.
The MIB has recently said that the existing licencees are required to apply afresh to get a licence for providing DTH services in India. It had also said that a fresh licence will be issued to existing licencees subject to their clearing all dues and fulfilling all obligations under the terms and conditions of the existing license as well as those arising out of legal cases pending before various Courts of Law.
In Q3 FY21, Dish TV India had reported operating revenues of Rs 815.7 crore, a 6% YoY decline compared to Rs 867.8 crore. Subscription revenue was down 6.7% to Rs 744.9 crore from Rs 798.2 crore a year ago.
Total expenses fell to 13.9% to Rs 311.7 crore from Rs 362.2 crore. EBITDA for the quarter stood at Rs. 503.9 crore as against Rs 505.6 crore in Q3 FY20. EBITDA margin was at 61.8%, up 350 bps Y-o-Y. Profit after tax was at Rs. 86.4 crore as against a net loss of Rs. 66.8 crore in the same quarter last year.
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