Founders of direct-to-home firm Dish TV have sold 5.8 per cent stake in the company to raise about Rs 270 crore, following which the shares plunged over 16 per cent on the Bombay Stock Exchange.
"The founders have sold about 5.8 per cent of the stake in the company to fund their share of the rights issue. The second tranche of the rights issue is due. So, the funds will be deployed back into the company for its payment," Dish TV Managing Director Jawahar Goel told PTI.
The company has sold about 5.51 crore shares at a price of Rs 49 a piece, aggregating to Rs 270 crore, through block deal counter of the stock exchanges.
Shares of Dish TV plunged 16.39 per cent to settle at Rs 44.90, becoming one of the biggest losers on the bourses today. During the trade, it had dipped 17.97 per cent to an intra-day low of Rs 44.05 on the BSE.
Market men said the fall in the broader market aggravated the downside in the scrip. "The market fell sharply today. It would not have taken such a huge beating had the overall sentiment been positive," SMC Global Vice-President Rajesh Jain said.