Dish TV ends Day 1 at 11% discount

Dish TV India, a demerged entity of the Zee group, today ended its first day at a discount of 10.86% to its base price of Rs 115 on the BSE today.

After being listed at Rs 120, which turned out to be its intra-day high, Dish TV steadily lost steam and was at one point trading at Rs 100 per share. The stock staged a minor recovery later in the day, and closed at Rs 102.55.

Over 1.88 crore shares of Dish TV changed hands on the BSE today. On the NSE, the stock closed at Rs 101.40.

Dish TV, which manages the direct consumer services business of Zee Entertainment Enterprises (ZEEL) has an equity capital of Rs 42.82 crore with 42.82 crore equity shares of Re 1 each.

The scheme of arrangement was approved by the Delhi and Bombay High Court vide their orders dated December 18, 2006 and January 12, 2007, respectively. According to the scheme, Dish TV allotted 5.75 equity shares of Re 1 each fully paid-up for every 10 equity shares of the same value held in ZEEL.