Dish TV India hit an upper-circuit of 10% at Rs 21.31 after The Hindustan Times bought 2 crore equity shares of the cable TV network company on Monday, 13 September 2021.
The Hindustan Times purchased 2,00,00,000 equity shares (or 1.08% stake) of the company at Rs 19.22 per equity share via bulk deals on NSE on Monday, 13 September 2021.
Last week, Dish TV announced that YES Bank has proposed to oust the company's entire board, including Jawahar Lal Goel, the promoter and managing director. The bank said the existing board is purportedly acting at the behest of certain minority shareholders holding a mere 6% of shares in the company.
YES Bank has issued a notice asking the company to put its proposal to vote at Dish TV's annual general meeting on 27 September 2021.
The bank said the company's present board of directors has approved a rights issue process despite objections raised by the bank to dilute the shareholding of the bank and to prejudice the interests of inter alia, the bank, which is the single largest shareholder of the company as of date.
YES Bank had asked the board to desist from approving the capital-raising exercise by way of a rights issue. However, the board, without consulting the significant shareholders of the company, went ahead to make a press announcement on May 28, 2021 regarding its intention to proceed with a ₹1,000-crore rights issue, the bank said.
YES Bank is a shareholder of Dish TV India and hold 47,19,13,990 equity shares representing 25.63% (out of which 0.85% of shareholding is held in DP account of IDBI Trusteeship Services acting as trustee on behalf of YES Bank) of the paid-up equity share capital of the company.
Shares of Yes Bank jumped 9.39% to Rs 12.12 on BSE.
Dish TV India's consolidated net profit tanked 34.1% to Rs 49.14 crore on a 12.5% decline in net sales to Rs 730.97 crore in Q1 FY22 over Q1 FY21.
Dish TV India is engaged in the business of direct to home (DTH) and teleport services. The company's segments include DTH and teleport service, and infra support services. It is also engaged in the business of broadcasting of other satellite telecommunications activities.
The scrip hit a 52-week high at Rs 21.31 during intraday trade.
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