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Tata Sky plans to raise up to Rs 1800 crore

MUMBAI: With Phase III coming up for digitisation, direct-to-home (DTH) operator Tata Sky is planning to raise up to Rs 1800 crore (Rs 18 billion).

Tata Sky has initiated talks with bulge bracket private equity firms to raise the amount after shelving its plans for an initial public offering ( IPO), The Economic Times has reported.

The capital will be used for its technology upgradation and expansion.

Citigroup Capital Markets and Morgan Stanley have been mandated to raise private equity funding, the report said.

Tata Sky MD and CEO Harit Nagpal confirmed to ET that the company has shelved its listing plans. “All our cash requirements have been and will continue to be met by existing shareholders,” he said.

Tata Sky is a joint venture between Tata Group and Rupert Murdoch’s 21st Century Fox.