Dish TV rises 5% as reports suggest JC Flowers ARC to sell stake

Shares of Dish TV jumped after reports suggested that JC Flowers ARC may look to sell its entire stake in the company. A stake sale could be via block deal window, reported CNBC-TV 18.

As of 2.30 pm, the stock traded up nearly 5 percent to Rs 19.45.

Three players may be in the race to buy the Dish TV stake. It was not immediately clear who those names may be.

JC Flowers ARC held 24.19 percent in the company.

CNBC-TV18 has reached out to Dish TV & JC Flowers ARC and response is awaited.

In the fourth quarter, the direct-to-home firm reported a consolidated net loss of Rs 1,720.62 crore for the fourth quarter that ended on March 31, 2023, mainly on account of impairments and deferred tax liability. The company had reported a net loss of Rs 2,031.99 crore in the January-March quarter a year ago, Dish TV said in a BSE filing.

Its revenue from the operations was down 21.45 percent to Rs 504.82 crore during the quarter under review as against Rs 642.70 crore of the corresponding quarter.

Its losses under exceptional items were at Rs 1,907.61 crore.

During the quarter, Dish TV has to go for impairment of Rs 280 crore for assets under development, Rs 110.5 crore for brand, Rs 567.87 crore for customer and distribution relationship and Rs 328 crore for property, plant and equipment. Moneycontrol