Apollo completes exit from India's Dish TV
Apollo Global Management has fully exited India-based direct-to-home TV service provider Dish TV, selling its remaining 3.58% stake for INR3.99 billion.
Apollo made its sale in an open market transaction, according to Bombay Stock Exchange records. The GP's previous exits came in the same form, with Apollo selling 32 million shares, or a 3% stake, in April, and a further 47 million shares - a 4.4% stake - in June.
In total the private equity firm has received about INR11.4 billion through this year's sales, which represents a considerable return on its original INR4.7 billion investment in 2009. Apollo subscribed to a global depository receipt (GDR) issue and subsequently converted the GDRs into shares and selling them off beginning in April.
Dish TV is part of the Indian media conglomerate Zee Group. It has about 12.9 million subscribers, and offers more than 400 channels and services . In its latest annual report, the company reported revenue of INR28.4 billion for the year ended March 2014, up from INR25.8 billion the previous year; over the same period the company moved from a loss of INR1.5 billion to profit of INR10.1 billion.
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