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PE firm acquires 5.2% stake in Videocon d2h for $36.26 mn

MUMBAI: Private equity firm WestBridge Crossover Fund has acquired 5.2 per cent stake in Nasdaq-listed Videocon d2h for $36.26 million.

WestBridge announced in a disclosure to the US Securities and Exchange Commission that it owned 5,445,311 shares of Videocon d2h, the direct-to-home (DTH) arm of Videocon Group.

The deal pushed up shares of Videocon d2h, which rose 3.10 per cent during trading on Thursday, hitting a price of $6.666 per share.

The company’s market cap stands at $692.57 million.

As of 31 December 2015, Videocon d2h has 11.27 million net subscribers.

The company’s net loss in the fiscal third quarter narrowed to Rs 22 crore (Rs 220 million), a 72.4 per cent improvement over the earlier year. Adjusted EBITDA grew 42.2 per cent to Rs 201 crore (Rs 2.01 billion) from Rs 141 crore (Rs 1.41 billion). ARPU grew 8.2 per cent to Rs 211 in the third quarter.

Early last year, Videocon d2h raised $325 million and was listed on Nasdaq.