Apollo Global plans to sell 11% stake in Dish TV
New Delhi: US private equity firm Apollo Global Management is planning to sell its 11 percent stake in direct-to-home (DTH) satellite TV service provider Dish TV, which is currently worth a little more than Rs 700 crore.
Apollo Global Management LLC has began the process for the sale of its 11 percent stake in Dish TV and those shares could be sold through open market transaction, investment bankers handling the deal said.
The said shares were acquired in 2009 for USD 100 million.
The shares of Dish TV were trading at Rs 66.15 valuing the company at Rs 7,042 crore.
On November 23, 2009 Dish TV Ltd had reached an agreement to issue 117,035 Global Depositary Receipts (GDRs), at a price of USD 854.5 per GDR aggregating USD 100 million to Apollo Management.
Post this issue, Apollo owned 11 percent of the expanded capital of Dish TV.