India's leading direct-to-home television operator, Dish TV today listed 277 million Global Depository Receipts for trading on the professional securities market of the London Stock Exchange.
The Dish TV is a subsidiary of the Zee Entertainment Enterprises.
The listing follows the completed merger between Dish TV and Videocon d2h, creating a leading direct-to-home (DTH) television service provider in India valued at over USD 2.2 billion and serving over 29 million subscribers, the Exchange said.
The Global Depository Receipts are negotiable certificates, issued by depositary banks which represent ownership of a given number of a company's shares, which can be listed and traded independently from the underlying shares. These instruments are typically used by companies from emerging markets and marketed to professional investors only.
"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, Chairman & Managing Director, Dish TV India, Jawahar Goel said.
Anil Dua, Group Chief Executive Officer, Dish TV India, said: We are extremely pleased to start trading on London Stock Exchange today and increase our visibility to international investors, following the successful completion of the merger between Videocon d2h and Dish TV.
"The merger and the eventual listing has been long awaited news for many. I wish to put on record here, our commitment to make the new entity reach unprecedented levels of growth and success in the coming years."