Yes Bank Acquires 24% Stake In Dish TV After Invoking Pledged Shares
Yes Bank Ltd. said it has acquired over 24% stake in Dish TV India Ltd. following invocation of pledged shares due to debt default by the direct-to-home service provider and other group firms.
Yes Bank, after invocation of pledged shares, has acquired 44,53,48,990 equity shares of Dish TV India constituting approximately 24.19% of the post-issue paid-up share capital as at March 31, 2020, it said in a regulatory filing.
Shares were acquired on invocation of pledge subsequent to default/breach of terms of loan to Dish TV India Limited, it said.
Further, Yes Bank said there was default/breach of terms of credit facilities sanctioned by it to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects Private, Mumbai WTR and Pan India Infraprojects.
The companies are part of the Subhash Chandra-led Essel Group.
Dish TV is a DTH entertainment service provider. It had a consolidated total income of Rs 6,218.28 crore as on March 31, 2019.