YES Bank acquires 24.19 percent stake in Dish TV

YES Bank has acquired 24.19 percent in Dish TV, making it the second-largest shareholder in the DTH company. The bank’s move to pick up a stake in Dish TV comes following an invocation of pledged shares to the tune of 445.3 million in the firm. The promoter family, led by Jawahar Goel, brother of Essel group promoter Subhash Chandra, now owns 30.37 percent in Dish TV. The promoter family earlier held 54.56 percent in the company.

Pledged shares as a percentage of promoter shareholding in Dish TV now stands at 88.31 percent. At the end of the March 2020 quarter, it stood at 93.43 percent. YES Bank has clarified that the decision to buy stake in Dish TV is a one-time affair. The shares have been acquired subsequent to a default of the terms of the credit facilities sanctioned by YES Bank to Essel Business Excellence Services, Essel Corporate Resources, Living Entertainment Enterprises, Last Mile Online, Pan India Network Infravest, RPW Projects, Mumbai WTR, and pan-India infra projects.