Yes Bank has invoked its 44.53 crore share pledges with Dish TV and has acquired a stake of 24.19 per cent in the Company. With this massive loss of shares, the company promoter’s stake in it has gone down to just over 30 per cent which as on March 31 was 54.56 per cent and out of this over 93 per cent was pledged with lenders including Yes Bank which had the largest Share Pledges.
According to Yes Bank, the decision of invocation had to be taken because of default or breach of terms of credit facilities sanctioned by the Bank to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Pan India Network Infravest, Last Mile Online, RPW Projects, Mumbai WTR and Pan India Infraprojects and invocation of Share Pledges is only a one-time transaction.
Dish TV is the largest DTH company in India in terms of its user subscriptions. As on December 31, last year, it had 23.95 million subscribers. Its operating revenue that time was Rs 867.8 crore and operating profit was Rs 505.6 crore while its net loss for the quarter was Rs 66.8 crore.