Here's why Dish TV shares jumped 9% today
The stock opened a tad higher at Rs 14.15 against the previous close of Rs 14.10 on BSE.
- Mar 8, 2022,
- Updated Mar 8, 2022 11:21 AM IST
Shares of Dish TV, the satellite service provider which the Zee Group operates, jumped over 9 per cent to hit an intraday high of Rs 15.36 on BSE after Sebi directed the company to immediately disclose the results of its annual general meeting (AGM) held on December 30, 2021, to the exchanges. The stock opened a tad higher at Rs 14.15 against the previous close of Rs 14.10 on BSE. With a market capitalisation of Rs 2,761 crore, the shares stand higher than 5-day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
The order comes after SEBI received complaints from Yes Bank Ltd (YBL), IndusInd Bank and other shareholders alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM. In addition, SEBI has called upon the company to show cause as to why further appropriate directions should not be issued against Dish TV and its directors in the matter. The controversy pertains to the invocation of pledged shares by Yes Bank. Certain entities of Essel Group had taken loans in the range of thousands of crores from the bank, which upon default caused the invocation of the shares pledged as security for such loans. This resulted in the alleged transfer of ownership of such shares in the name of Yes Bank. Yes Bank and IndusInd Bank are among the largest shareholders, holding 24.78 per cent and 3.78 per cent of the paid-up equity share capital of the company respectively, as of the quarter ended December 2021. In December 2021, a report in a financial daily citing source had stated that Airtel is looking to buy 5.93 per cent stake from Dish TV's promoter group. However, Dish TV clarified that "there is no information available" on reports about telecom major Bharti Airtel picking up the majority stake in the company. "Dish TV India Limited, would like to state that there is no information available with the Company which is required to be reported under extant SEBI Regulation (Regulation 30), which may have bearing on the stock price of the Company. Further, we would also state that the Company is not aware of the transaction which has been reported in the above-mentioned news report," the company said in a regulatory filing in context to the earlier report.
(With inputs from PTI)
Shares of Dish TV, the satellite service provider which the Zee Group operates, jumped over 9 per cent to hit an intraday high of Rs 15.36 on BSE after Sebi directed the company to immediately disclose the results of its annual general meeting (AGM) held on December 30, 2021, to the exchanges. The stock opened a tad higher at Rs 14.15 against the previous close of Rs 14.10 on BSE. With a market capitalisation of Rs 2,761 crore, the shares stand higher than 5-day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
The order comes after SEBI received complaints from Yes Bank Ltd (YBL), IndusInd Bank and other shareholders alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM. In addition, SEBI has called upon the company to show cause as to why further appropriate directions should not be issued against Dish TV and its directors in the matter. The controversy pertains to the invocation of pledged shares by Yes Bank. Certain entities of Essel Group had taken loans in the range of thousands of crores from the bank, which upon default caused the invocation of the shares pledged as security for such loans. This resulted in the alleged transfer of ownership of such shares in the name of Yes Bank. Yes Bank and IndusInd Bank are among the largest shareholders, holding 24.78 per cent and 3.78 per cent of the paid-up equity share capital of the company respectively, as of the quarter ended December 2021. In December 2021, a report in a financial daily citing source had stated that Airtel is looking to buy 5.93 per cent stake from Dish TV's promoter group. However, Dish TV clarified that "there is no information available" on reports about telecom major Bharti Airtel picking up the majority stake in the company. "Dish TV India Limited, would like to state that there is no information available with the Company which is required to be reported under extant SEBI Regulation (Regulation 30), which may have bearing on the stock price of the Company. Further, we would also state that the Company is not aware of the transaction which has been reported in the above-mentioned news report," the company said in a regulatory filing in context to the earlier report.
(With inputs from PTI)