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New Delhi, April 24 Dish TV’s board of directors has approved its plans to raise Rs 1,200 crore through rights issue. The company’s Rs 250-crore deal with PE firm, Indivision India Partners, was called off in February. The Essel Group company has now decided to raise funds through the rights issue instead.

“We are not looking at private equity anymore. Our funding requirements will be met through this rights issue, which has been approved by the board,” said Mr Jawahar Goel, Managing Director, Dish TV. The company is to submit its drafts prospectus with SEBI, and will have to wait for other regulatory clearances before it can go ahead with the issue, which is expected in a few months’ time.

Dish TV claims to enjoy a 59 per cent share of the pay DTH market. Carriage fees that the platform is now receiving will be one of the new revenue streams in 2008-09, with new channels clamouring to be on board of the limited space operators have to offer.

Dish TV’s gaming services will also became paid, and subscribers will also have more choice in new niche channels. Dish TV is yet to share its financial results for the quarter, but added that the reduced licence fee being considered by the Government, from 10 per cent of gross revenue to six per cent will result in higher financial performance in 2008-09.

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Dish TV gets nod for rights issue

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