Indian telecom operator Bharti Airtel Ltd is in early talks for a majority stake in broadcast satellite service provider Dish TV India Ltd , financial daily Mint reported on Thursday, citing people familiar with the matter.
Airtel is looking to buy 5.93 per cent stake from Dish TV's promoter group and 25.63 per cent stake owned by Yes Bank Ltd, the report said. The lender is the largest shareholder, according to Refinitiv data.
The carrier has offered Rs 20 per share for the 5.93 per cent of Dish TV owned by the promoter group, the report said, citing an unnamed company executive. The amount represents a 14 per cent premium to Dish TV's closing price on Wednesday.
Once the promoters and Yes Bank accept Airtel's offer, the carrier will offer to buy the remaining shares from other investors until it owns 51 per cent stake, the report said.
Airtel declined to comment, while Dish TV said in a regulatory filing https://bit.ly/3GaXek7 that it was not aware of the transaction.
According to the Mint report, Airtel executives have held talks with Dish TV parent Essel Group's founder Subhash Chandra after accounting firm EY submitted a due diligence report to Airtel on Oct. 25.
Shares in Dish TV rose 4.8 per cent and were locked at their upper circuit of Rs 18.40.
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