Dish TV to offload entire stake in Dish TV Lanka; stock skyrockets ~6.5%

29 Sep 2022 , 10:47 AM

Dish TV India Limited informed that the board of directors approved the transfer of entire equity shares of the company held in Dish TV Lanka (Private) Limited.

Dish TV Lanka is an overseas subsidiary of the company. Accordingly, the said subsidiary company ceases to be the subsidiary of the company effective from September 28, 2022.

Union Network International Pvt Ltd has agreed to acquire the said stake in Dish TV Lanka.

The consideration will be approximately 25 million Sri Lankan rupees, subject to relevant legislation and required modifications, and will be received following the completion of share transfer requirements.

The Share Sale Agreement was signed on March 30, 2021, after Board approval on January 29, 2021, said the company.

Further, the company also informed that the board has approved the appointment of Rajeev Kumar Dalmia as an Additional Director effective from September 28, 2022.

At around 10.49 AM, Dish TV India was trading at Rs17.61 up by 6.28% from its previous closing of Rs16.57 on the BSE. The scrip opened at Rs16.90 and touched intraday high and low of Rs17.66 and Rs16.65 respectively.

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