Dish TV settles disclosure case with SEBI, approves fundraising plan; share price rises 6%
The board of directors of Dish TV in a meeting on Wednesday deliberated upon what the company’s curse of action should be in the forthcoming fundraising plan.
The board was successfully able to decide on a plan and gave approval to the process of initiating the process of fund-raising through possible means and issued securities limit for an amount up to ₹1,000 crore, in one or more steps, in coordination with the current rules.
Dish TV has been fairing well in financials this year as previously in the Q3 December 2019 results, Dish TV had reported an overall net loss of Rs 66.77 crore which this year has made a positive recovery. The net profit reported in October – December 2020 quarter results were at Rs 86.41.
This has come right after Dish TV and its major partners/promoters Direct Media Distribution Ventures Pvt Ltd and World Crest Advisors LLP settled a case of alleged disclosure lapses with market regulator Sebi and paid nearly Rs 45 lakh as settlement charges.
Conforming to three individual orders, Dish TV India Limited, Direct Media Distribution Ventures Pvt Ltd (DMDVPL), and World Crest Advisors LLP (WCA) paid settlement amounts of Rs 8.20 lakh, Rs 29.08 lakh and Rs 7.70 lakh, respectively as settlement.
The shares of Dish TV India listed on the National Stock Exchange have since grown by nearly 6% in lieu of these developments.