Dish TV has called off plans to issue equity shares and warrants to Indivision India Partners (IIP) because of the change in deal structure desired by IIP.
The board of directors of Dish TV had earlier approved a preferential allotment of 12.5 million equity shares of Re 1 each at Rs 100 per share and 9.62 million warrants, convertible into 9.62 million equity shares at Rs 130 per warrant within 18 months from the date of issue of warrants, to IIP.
"Due to the recent volatility in the stock markets, IIP wanted to drop taking the warrants. The board of Dish TV felt that since the promoters are fully backing the project and the growth of customer acquisition is robust, we should not accept the change in the deal structure," said Jawahar Goel, MD, Dish TV.
Subhash Chandra, chairman, Dish TV, said: "We reiterate our commitment to Dish TV, and are confident of its growth prospects. The promoters have, in the past, infused finds into the business as and when required, and would continue to support in the near future."
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