U.S.-based Silver Eagle Acquisitions Corp has picked up 33 per cent stake in direct-to-home (DTH) operator Videocon d2h for Rs.1,900 crore (about $300 million).
The money will be invested in the company to grow its business and market share, Videocon Group Chairman V. N. Dhoot said.
“The deal is over. We have diluted 33 per cent stake for Rs.1,900 crore to raise resources for the company. With this, the enterprise value of Videocon d2h is Rs.7,500 crore. We will issue shares in the form of American Depository Receipts (ADRs) to Silver Eagle, and the ADRs will be listed on Nasdaq. This is a big thing for an Indian company,” Mr. Dhoot said.