Dish TV puts on a good show

Dish TV is amongst the top five gainers on the BSE since opening bell; going up 10.5% to Rs.81.50. Its UC is at 15% at Rs.84.85.

The stock is up as the promoter company, World Crest Advisors LLP, together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd, offered to buy an additional 26% stake from public shareholders for Rs.3701 crore. This works out to a price of Rs.74/share, almost the same price as yesterday’s close.

The offer is being made to all the shareholders of Dish TV to acquire up to 50.01 crore shares of the company that form 26% of the emerging share capital, payable in cash.