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Dish TV, a leading direct-to-home television service provider, has listed its Global Depository Receipts at the London Stock Exchange’s professional securities market.
As many as 277 million GDRs were admitted for trading on the LSE for a total value of $315 million.
This follows the completed merger between Dish TV and Videocon d2h. In the wake of the merger, Videocon d2h has delisted its ADS from Nasdaq.
When contacted, Jawahar Goel, Chairman & Managing Director, Dish TV India, confirmed the listing of the company’s GDRs on LSE’s professional securities market.
“The amalgamation of Videocon d2h and Dish TV has put the new entity on the road to exceptional future growth and profitability. Having LSE as a partner in that journey will make it much more rewarding. We now look forward to leading the DTH industry in India to the next level,” Goyal said.
Anil Dua, Group CEO, Dish TV India, said: “We are extremely pleased to start trading on the LSE today and increase our visibility to international investors, following the successful completion of the merger between Videocon d2h and Dish TV.” Gokul Mani, Head of Primary Markets — India, West Asia, Africa, London Stock Exchange, said that Dish TV’s listing clearly shows that Indian companies can attract the world’s largest investors and international visibility through London without compromising their ability to develop a domestic shareholder base.
“London is a key destination for global capital raising and a complementary and valued funding partner to India,” Mani said.
PSM
Professional securities market (PSM) is a specialised market designed to suit the specific needs of issuers. It facilitates the raising of capital through the issue of specialist debt securities or depository receipts (DRs) to professional investors.
For securities to be listed on the professional securities market, the UK Listing Authority has to give its approval. Only professional investors can participate in the PSM. Issuers of debt or DRs are not required to report historical financial information to International Financial Reporting Standards or an equivalent standard either in listing documents or as a continuing obligation. Instead, issuers can use their domestic accounting standards, sources said.
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