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Apollo exits Dish TV, sells off remaining 3.58% stake for Rs 399 cr

MUMBAI: After remaining invested for
six years, US private equity major
Apollo Global Management has finally
offloaded its entire stake in the
leading direct-to-home (DTH)
company Dish TV.
In an open market transaction, Apollo
India Private Equity II (Mauritius)
sold its remaining 3.58 per cent
stake, constituting 38.12 million
shares, for a sum of Rs 399 crore (Rs
3.99 billion).
The shares were offloaded at Rs
104.64 apiece.
In 2009, Apollo had invested $100
million for 11 per cent stake in Dish
TV. The purchase price translated into
Rs 39.8 per share.
Earlier this year, in two separate
tranches, Apollo sold 7.4 per cent
stake for Rs 749.1 crore (Rs 7.49
billion) in Dish TV, cutting its stake to
3.58 per cent.
In June, Apollo sold 46.9 million
shares, representing 4.4 per cent
stake in Dish TV, at an average price
of Rs 103.72 per share, pocketing Rs
486.57 crore (Rs 4.87 billion), while 3
per cent stake, or 32 million shares,
were sold at an average price of Rs
82.04 per share in April, for Rs
262.53 crore (Rs 2.62 billion).
Dish TV, which had become the first
DTH company to have a net profit in
the last fiscal, posted a consolidated
net profit of Rs 54.2 crore (Rs 542
million) for the quarter ended 30 June
The company’s operating profit
(EBITDA) in the fiscal first quarter
was at Rs 236.8 crore (Rs 2.37
billion), while EBITDA margin expanded
to 32.1 per cent.
Dish TV’s net subscriber base stood at
13.3 million as on 30 June.

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