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Even as the Securities and Exchange Board of India is intensifying its efforts to get Indian companies to list on domestic exchanges, DTH (direct-to-home) service provider Videocon d2h said it has raised $325 million (₹2034.5 crore) through a listing on the Nasdaq.
Videocon d2h had sold American depository receipts to US-based Silver Eagle Acquisition Corp in January. The ADRs got listed on the Nasdaq stock exchange on Tuesday. Videocon d2h’s Managing Director Saurabh Dhoot told BusinessLine that the company will be using the proceeds to “strengthen its balance sheet, increase its subscriber base and also pare its debts”.
Videocon d2h has a subscriber base of 13 million. “We expect to double this, backed by growth in direct-to-home services,” Dhoot added.
India IPOThe company had earlier filed for an IPO on Indian bourses to raise around ₹700 crore.
But this is yet to go through, as SEBI has sought clarifications from the company.
Dhoot indicated that it may still look at an initial public offering in the domestic market.
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