Yes Bank said it has acquired over 24 percent stake in Dish TV India following invocation of pledged shares due to debt default by the DTH service provider and other group firms.
Yes Bank Limited, pursuant to invocation of pledged shares, has acquired 44,53,48,990 equity shares of Dish TV India Limited constituting approximately 24.19 percent 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 direct to home (DTH) entertainment service provider. It had a consolidated total income of Rs 6,218.28 crore as on March 31, 2019.
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!
