Apollo Global Management LLC has sold 3% of its stake in Dish TV, which is a direct-to-home service operator. The private equity firm sold its shares for INR2.63 billion.
The transaction leaves Apollo with 8% stake in the DTH provider. The PE had bought 11% stake in the company back in 2009 for around USD100 million. In India, the firm has invested over a billion dollars in total via its various business arms.
Dish TV is backed by the Essel Group and has around 12.5 million net subscribers. The DTH provider offers 470 television/audio channels and 43 high definition (HD) channels and services. The offloading of stake sees Apollo reporting a profit of INR1.35 billion, reports the Economic Times. Apollo sold 32 million shares of an average price close to INR 82, compared to price of approximately INR 39 that the company had paid per share.
No comments:
Post a Comment