Dish TV jumps another 10% as Hindustan Times buys notable stake

Hindustan Times purchased 20 million equity shares, representing 1.16 per cent of total equity Dish TV India for Rs 38.44 crore in a bulk deal on the NSE on 13 September

Shares of Dish TV India were locked in the10 per cent upper circuit limit at Rs 21.31, also its fresh 52-week high on the BSE in Tuesday's session amid considerable stake purchase by Hindustan Times. Dish TV has surged 19 per cent in the last two trading sessions after Hindustan Times bought 20 million shares of the company via the open market on Monday.

On September 13, 2021, Hindustan Times purchased 20 million equity shares, representing 1.16 per cent of total equity Dish TV India for Rs 38.44 crore. Hindustan Times bought these share at price of Rs 19.22 per share on the NSE via bulk deal, the exchange data shows. The name of the seller was not ascertained immediately.

Hindustan Times, a KK Birla group company, holds 69.51 stakes in HT Media as on June 30, 2021. The stock of HT Media surged 12 per cent to Rs 27 on the NSE in intra-day trades on the back of heavy volumes. The trading volumes at the counter jumped over five-fold with a combined 1.03 million equity shares changing hands on the NSE and BSE.

Meanwhile, Dish TV India, broadcasting & cable TV operator, has zoomed 55 per cent in the past five trading days after YES Bank on September 6, sent a notice to the company to remove the top management, including the managing director Jawahar Lal Goel.

YES Bank is the largest shareholder of Dish TV India and holds 471.91 million equity shares, representing 25.63 per cent of the paid-up equity share capital of the company.

Dish TV in an exchange filing on Monday, September 9, 2021, said YES Bank vide its e-mail dated September 4, 2021, has sent special notices dated September 3, 2021, to the company.

Dish TV said the company is further examining the above said Special Notices for such approvals as may be required including the steps to be taken to get the candidature of proposed new Directors cleared from necessary Authority i.e. Ministry of Information & Broadcasting, as prior approval from the Authority is a mandatory requirement, it added. CLICK HERE FOR RELEASE