Yes Bank Now Owns Over 24% Stake in Dish TV

Yes Bank, India’s fourth largest private sector bank on Friday said that it has acquired 24.19% stake in Dish TV following invocation of shares pledged by the Direct-to-Home (DTH) operator. The lender in a filing to the stock exchanges said that it has invoked 44.53 crores of pledged shares due to debt default by Dish TV and other Essel group firms. Essel Business Excellence Services, Essel Corporate Resources and Living Entertainment Enterprises are some of the Essel group firms that are listed to have defaulted on the credit facilities sanctioned by Yes Bank. Additionally, Yes Bank has listed Last Mile Online, Pan India Network, Infravest, RPW Projects, Mumbai WTR and Pan India Infraprojects as the groups that have defaulted or breached the terms of credit facilities.

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Dish TV Promoters Pledged 93% of Their Holdings

The promoters of Dish TV held a 54.56% stake in the company as of March 31, 2020 with the promoters pledging 93.46% of their total stake to the lenders.

“Shares have been acquired on invocation of pledge of shares and this is a one-time transaction,” Yes Bank said in the filing on Friday.

It has to be noted that Yes Bank had performed numerous similar transactions in the past year. In early 2020, the bank invoked pledged shares of Sical Logistics and Rosa Power, a wholly owned subsidiary of Reliance Power. Similarly, the bank acquired pledged shares of Tulip Star Hotels, Cox and Kings in late 2019.