Zee promoters to infuse Rs 750 crore in Dish TV

Televisionpoint.com Correspondent
Dish TV, Zee Group's Direct-To-Home (DTH) arm, said its promoters would infuse up to Rs 750 crore into the company by subscribing to preference shares.

"The Board has approved, subject to appropriate approvals, issue of non-cumulative non-convertible redeemable preference shares of Rs 100 each up to Rs 750 crore on a private placement basis to promoter group," Dish TV informed the Bombay Stock Exchange.

Dish TV and Zee Group Chairman Subhash Chandra had earlier said the company would invest Rs 500 crore in the distribution business of the DTH operator. Promoters had earlier sold nine per cent stake in Dish TV to a few institutional investors to raise Rs 445 crore.

The capital raised, promoters had said, would be used to fund the expansion plans of Zee's demerged distribution companies -- Dish TV and Wire & Wireless India Ltd (WWIL).

Meanwhile, the Board also approved another related proposal to hike the authorised share capital to Rs 825 crore, from Rs 73 crore at present.
The Board has decided to convene an Extra Ordinary General Meeting of the shareholders on May 25.