The London Stock Exchange Group on Friday announced the debut of India's direct-to-home television provider, Dish TV's Global Depository Receipts (GDRs) on the Professional Securities Market.
This follows the completed merger between Dish TV and Videocon d2h, creating a DTH television service provider in India, valued at over USD 2.2 billion and serving over 29 million subscribers.
Dish TV has admitted 277 million GDRs to trading on the London Stock Exchange. The company has a market capitalisation of approximately USD 2.2 billion, based on the ordinary shares listed in India.
In the Telecommunications, Media and Technology (TMT) sector, Dish TV's London GDR listing comes shortly after the start of trading of GDRs of Argentina's largest telecommunications company, Cablevision Holding S.A, on London Stock Exchange in January 2018. This followed a merger between the company's subsidiary Cablevision S.A. and Telecom Argentina S.A. in 2017, valuing the combined company at USD 11.5 billion.
"The amalgamation of Videocon d2h and Dish TV has put the new entity on the road to exceptional future growth and profitability. Having London Stock Exchange as a partner in that journey will make it much more rewarding. We now look forward to leading the DTH industry in India to the next level," said Jawahar Goel, Chairman and Managing Director, Dish TV India.
"Today's listing demonstrates once again London Stock Exchange's ability to finance ambitious, growing companies from around the world and across all sectors. Dish TV's listing also clearly shows that Indian companies can attract the world's largest investors and international visibility through London without compromising their ability to develop a domestic shareholder base. London is a key destination for global capital raising and a complementary and valued funding partner to India," added Gokul Mani, Head of Primary Markets - India, Middle East, Africa, London Stock Exchange.
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