India's leading direct-to-home television operator, Dish TV today listed 277 million Global Depository Receipts for trading on the professional securities market of the London Stock Exchange.
The Dish TV is a subsidiary of the Zee Entertainment Enterprises.
The listing follows the completed merger between Dish TV and Videocon d2h, creating a leading direct-to-home (DTH) television service provider in India valued at over USD 2.2 billion and serving over 29 million subscribers, the Exchange said.
The Global Depository Receipts are negotiable certificates, issued by depositary banks which represent ownership of a given number of a company's shares, which can be listed and traded independently from the underlying shares. These instruments are typically used by companies from emerging markets and marketed to professional investors only.
"The amalgamation of Videocon d2h and Dish TV has put the new entity on the road to exceptional future growth and profitability. Having London Stock Exchange 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,” Chairman & Managing Director, Dish TV India, Jawahar Goel said.
Anil Dua, Group Chief Executive Officer, Dish TV India, said: “We are extremely pleased to start trading on London Stock Exchange today and increase our visibility to international investors, following the successful completion of the merger between Videocon d2h and Dish TV.
"The merger and the eventual listing has been long awaited news for many. I wish to put on record here, our commitment to make the new entity reach unprecedented levels of growth and success in the coming years."
The 217-year-old London Stock Exchange claims a strong track record in supporting the funding efforts of companies across the telecommunications, media and technology (TMT) sector.
Dish TV's GDR listing on the London Stock Exchange (LSE) comes shortly after the start of trading of GDRs of Argentina's largest telecommunications company, Cablevisión Holding SA, on the bourse in January this year.
"Today's listing demonstrates once again LSE's ability to finance ambitious, growing companies from around the world and across all sectors. Dish TV's listing also 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,” said Gokul Mani, Head of Primary Markets – India, Middle East, Africa, London Stock Exchange.
“London is a key destination for global capital raising and a complementary and valued funding partner to India,” he added.
Over 267 TMT companies are listed on London Stock Exchange, with a combined market capitalisation of USD 721 billion.