Yes Bank acquires 24.19 per cent stake in Dish TV

Retail banking company, Yes Bank Limited, announced that it has acquired 24.19 per cent shares in Dish TV via pledged shares.

In an exchange filing made on Friday after the market hours, the bank informed that it has acquired 44.53 crore equity shares, amounting to 24.19 per cent of direct-to-home service provider-Dish TV India’s post-issue paid-up share capital as on March 31. Each share of Dish TV had a nominal value of one rupee.

Yes Bank said, “The shares have been acquired pursuant to invocation of pledge of the shares subsequent to default or breach of terms of 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 Infraprojects.”

The bank added that the shares have been acquired on innovation of pledged shares and it is a one-time transaction.

Founded in 2004 and headquartered in Mumbai, the bank offers a wide range of banking and financial products for corporate and retail customers through retail banking and asset management services.

At the time of market closing on Friday, the stock of Yes Bank Ltd was trading at Rs 26.85, down by 0.56 per cent against its previous close of Rs 27.00 on BSE.