Dish TV board approves proposal to invest Rs 3000 cr in infra subsidiary
MUMBAI: Direct to home (DTH) operator Dish TV India’s board has approved an investment to the tune of Rs. 3,000 crore in its wholly owned subsidiary Dish Infra Services.
The company is proposing rights issue to promoter group for issuing 30 crore equity shares companies have a face value of Rs. 10/- each at par. The rights issue is expected to be completed within a period of three months.
Dish Infra is engaged in the business of providing infrastructure and various back end support services to the DTH service providers and their subscribers along with the other ancillary services.
The investment will be set-off/adjusted against receivables of the company from Dish Infra Services.
Dish Infra Services’ turnover for the FY 2017-18 was Rs. 1110.21 crore, for the FY 2016-17 was 1125.5 crore and for the FY 2015-16 was 1043.7 crore.
From 1st April 2015, Dish TV had transferred its infrastructure & support business to Dish Infra as per scheme of demerger. Further, during FY18, with a view to harmonise the existing business model of the company, post the merger of Videocon d2h into Dish TV, the infra support service business of Vd2h has been merged with Dish Infra.