Apollo India to part-sell Dish TV pie

Offering of 3.12 cr shares set to fetch $50 million

Mauritius-based private equity fund Apollo India Private Equity II (Mauritius) is part-selling its stake in direct-to-home (DTH) television service provider Dish TV for around $50 m -$75 m through an accelerated book build offering of ordinary shares.

According to sources, the base deal offering is likely to be around 3.12 crore shares or 2.93 per cent of Dish’s outstanding share capital which is likely to fetch around $50 million.  The pricing of the deal is likely to be around Rs 102-109.7 per share, which will be a 0-7 per cent discount to closing price on June 18 which was Rs 109.8. 

The deal also has an upsize option under which Apollo can sell up to 4.69 crore shares or 4.4 per cent of Dish TV’s outstanding share capital which is likely to fetch around $75 million. Apollo India Private Equity currently holds around 7.98 per cent stake in the company.

This will be second time in nearly nearly three months that Apollo India Private Equity would be selling stake in Dish TV. Earlier on April 10, 2015, the private equity fund had sold 3.2 crore shares, representing three per cent share capital in the company, for around Rs 106.55 crore. The sale of equity shares was carried out on April 10, 2015, and settlement was carried out on April 15, 2015, in accordance with applicable regulations. 

Apollo India Private Equity held 10.98 per cent in Dish TV before the stake sale and its stake was reduced to 7.98 per cent post the deal on April 15.

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