Singtel and Bharati Airtel to acquire promoter’s 60% stake in Dish TV
Bharti Airtel and Singapore Telecommunication Ltd or Singtel are set to make a combined offer to buy Dish TV, according to CNBC-TV18. Singtel and Airtel are looking to acquire promoter’s 60 per cent stake in Dish TV for around Rs 6,150 crore.
The deal price will be Rs 55 per share to trigger an open offer.
Singtel had recently said that it would buy stock worth around $525 million of Bharti Airtel as part of the Indian telecom operator’s plan to raise $4.6 billion through shares and bonds.
Singtel is Singapore’s largest telecom operator and owns about half of Airtel’s holding company Bharti Telecom.
The consolidation in the Indian DTH space started last year, when Dish TV completed its merger with Videocon d2h.
According to TRAI data, Dish TV combined with Videocon d2h leads with a 37 per cent market share, followed by Tata Sky with 27 per cent share and Airtel Digital TV with 24 per cent share. The public broadcaster, DD Free Dish, on the other hand, claims to have approximately 30 million subscribers as a public platform.