Direct-to-home services provider Dish TV shares rallied 7 percent intraday Thursday. A media report indicated that competition commission asked TRAI for its opinion on company's merger with Videocon d2h.
"The Competition Commission of India (CCI) has asked the Telecom Regulatory Authority of India (Trai) to weigh in on whether the merger of direct-to-home (DTH) firms Dish TV India and Videocon d2h will violate any anti-trust laws," a report in the Livemint said quoting people familiar with the development.
A Trai official confirmed that CCI has asked the regulator for its view, the report added.
In November 2016, the board of directors of Dish TV, the subsidiary of Zee Entertainment Enterprises, announced merger with the DTH arm of Videocon Industries.
The new merged entity will be named as Dish TV Videocon, wherein the billionaire Subhash Chandra's Essel Group will own 55.4 percent and the rest is held by Dhoot brothers-owned Videocon.
The combined entity would be positioned as the leading DTH operator in the country. It had revenue of Rs 5,915.8 crore on a pro-forma basis for the fiscal year ended March 31, 2016.
At 12:46 hours IST, the stock was quoting at Rs 105.25, up Rs 5.75, or 5.78 percent amid high volumes on the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
