(24 April 2008 10:30 pm)

MUMBAI: Dish TV India board has given the nod to raise up to Rs 12 billion through a rights issue of shares to fund its expansion plans.

The Zee group DTH (direct-to-home) service provider plans to invest Rs 16 billion over two years to fund its expansion programme and has already lined up a debt of Rs 4 billion.

Dish TV did not provide details on the price and ratio of the rights issue.

Dish TV will hold an extra ordinary general meeting on 29 May to consider the increase of its authorised capital from Rs 7.3 million to Rs 1 billion by the creation of additional 2.7 million equity shares of Re 1 each.

Meanwhile, Dish TV has approved the grant of 184,500 options convertible into 184,500 equity shares of Re 1 each to employees of the company at an exercise price of Rs 63.95.

Shares of Dish TV fell 3.99 per cent to close Thursday at Rs 61.35 on the BSE.