Categories: Business

Yes Bank acquires 24 percent stake in Dish TV, confiscated shares for non-payment of debt

Photo: GOOGLE

Yes Bank Acquires 24percent Stake In Dish TV

New Delhi Private sector Yes Bank on Saturday informed about the acquisition of more than 24 percent stake of Dish TV. The bank said that the DTH service provider Dish TV and some other companies had pledged these shares against the loan. These shares have been acquired due to default in payment of debt.

The bank told the stock exchanges that a 24.19 percent stake in Dish TV has been acquired. He stated that these are 44,53,48,990 shares. These shares have been acquired due to non-timely repayment of loans given to Dish TV India Limited.

The bank said that apart from this, there were default in payment of loan installments to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects Private, Mumbai WTR and Pan India Infraprojects Huh. These companies are part of the Essel Group led by Subhash Chandra.

Dish TV India is a direct-to-home entertainment service provider. The company has a bandwidth of 1422 MHz and has the capacity to provide more than 655 channels and services. It also provides 40 audio channels and 70 HD channels and services.

The total income of the company during the financial year ended 31 March 2019 is Rs 6218.28 crore. Dish TV India is operated by Zee Group and Videocon Group.

This post was published on May 30, 2020 10:44 pm

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