Dish TV India Limited (Dishtv) today announced the completion of the merger of Videocon D2h Limited into and with Dish TV India Limited.
“This amalgamation positions the new entity for exceptional future growth and profitability and puts on us the responsibility to lead the DTH industry in India to the next level,” said Jawahar Goel, CMD, Dish TV India Limited.
“It has been a long journey and I would once again like to put on record, through these pages, our appreciation for the Ministry of Information and Broadcasting, the National Company Law Tribunal, the Competition Commission of India, the Securities and Exchange Board of India, the National Stock Exchange of India Limited, BSE Limited, NASDAQ and all other stakeholders for showing their trust in us. I would also like to express our gratitude to the shareholders of both Companies for standing by us through the transaction and believing in the Company,” he added.
However a meeting of the Board of Directors of the Company is scheduled to be held on Monday, March 26, 2018, to inter alia consider and initiate necessary incidental actions in relation to the Scheme of Arrangement for Amalgamation of Videocon D2h Limited into and with Dish TV India Limited.
According to the company the merger paves way for the creation of the largest listed media company in India taking into consideration the last reported full-year revenue and EBITDA numbers of the two DTH players on a pro-forma basis.
Dish TV and Videocon D2h reported separate revenue and EBITDA numbers which at a pro-forma level added up to Rs. 60,862 million and Rs.19,909 million for FY17.
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The two companies had entered into definitive agreements in November 2016 for the amalgamation of Videocon D2h into and with Dish TV through a Scheme of Arrangement amongst Dish TV, Videocon D2h and their respective shareholders and creditors.
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