Apollo exits 4.4% stake in India's Dish TV

According to stock market disclosures, Apollo offloaded 46.9 million shares at an average price of INR103.72 via Apollo India Private Equity II (Mauritius). At the same time, Citigroup Global Market bought 25.9 million shares at INR103.65 apiece for INR2.69 billion. Shares in the company are currently trading at INR106.15, up 91% on a one-year basis, while the BSE Sensex Index has gained 9%.

Apollo invested $100 million in Dish TV, a unit of Zee Entertainment, in 2009 through a global depository receipt (GDR) issue, taking an 11% stake. The GDRs were partially converted into equity shares and partially sold down in April when Apollo shed 3.2 million shares at INR82.04 apiece, raising INR2.62 billion. It is unclear what Apollo's remaining stake will be following the transaction, although an earlier presentation showed Apollo held 8% in GDRs as of March.

Dish TV launched its DTH services in 2005 and now claims to be the largest provider in Asia and the third biggest globally. The company has around 12.9 million subscribers, accounting for more than a quarter of India's DTH market, ahead of Tata Sky and Airtel Digital. Dish TV offers 383 linear and 37 HD channels, and subscriptions make up over 90% of its revenues.

The company's most recent annual results show a swing into profit for the first time in the 2015 financial year - net income came to INR31 million compared to a INR1.5 billion net loss a year ago. Meanwhile, operating revenue hit INR27.8 billion for 2015, up 10.9% year-on-year.

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• Topics
• Exits
• South Asia
• Media
• Infrastructure
• PIPEs
• Exit
• Apollo Global Management
• India
• Media
• Infrastructure
• PIPE