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Apollo Global sells 3% stake in Dish TV for Rs 263 crore

MUMBAI: With Dish TV stock being on the upsurge for the last one year, US private equity firm Apollo Global Management LLC has sold part of its stake to take home Rs 262.53 crore (Rs 2.625 billion). Apollo has sold 3 per cent of its stake, or 32 million shares, at an average price of Rs 82.04 per share. The stake was acquired in an open market transaction on Friday by a portfolio investment unit of Citigroup and a mutual fund under Birla Sun Life. Apollo’s remaining 8 per cent stake in Dish TV is worth Rs 721 crore (Rs 7.21 billion). Shares of Dish TV closed Friday at Rs 84.90 apiece on BSE. In 2009, Apollo had invested $100 million for 11 per cent stake in Dish TV. The purchase price translated to Rs 39.8 per share. Dish TV has a net subscriber base of 12.5 million subscribers, as per data provided by the company till 31 December 2014. Dish TV has been reducing losses and is close to achieving net profit. For the quarter ended 31 December 2014, the net loss stood at a mere 2.9 crore (Rs 29 million) compared to the preceding quarter’s Rs 15.1 crore (Rs 151 million). ARPU in the fiscal third quarter increased to Rs 177 from Rs 172 in the trailing quarter.

Read more at: http://www.televisionpost.com/dth/apollo-global-sells-3-stake-in-dish-tv-for-rs-263-crore/ | TelevisionPost.com

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