Dish TV jumps 8% on report of Singtel, Bharti Airtel acquiring firm
At the current market rate, company's market capitalisation stood at Rs 7,400 crore
April 04, 2019 / 11:15 AM IST
Dish TV India shares rallied nearly 8 percent in the morning trdae on April 4 after a media report indicated that the company may be acquired by Bharti Airtel and Singtel.
The stock has gained 11 percent in the last seven days. At 1042 hours IST, it was quoting at Rs 40.20, up Rs 1.85, or 4.82 percent amid high volumes on the BSE.
CNBC-TV18 said quoting unnamed sources said Singtel and Bharti Airtel will make combined offer to acquire the Essel Group-owned direct-to-home service provider.
The report further said both are looking to acquire promoter's 60 percent in Dish TV and will pay around Rs 6,150 crore for promoter stake.
At the current market rate, company's market capitalisation stood at Rs 7,400 crore.
The deal for Dish TV, if it happens at this price, works out to Rs 55 per share and will trigger an open offer, sources told CNBC-TV18.
On the deal, Bharti Airtel told CNBC-TV18 that as a policy, the company does not comment on market speculation while Dish TV did not comment on channel's query. There was no response from Singtel either.