Essel raises funds to invest in Dish TV, WWIL

Mumbai, Apr 18 (UNI) The promoters of Essel Group have raised a whopping Rs 4.45 billion (approximately USD 106 million) to invest in its two ventures--Dish TV India Limited (DishTV) and Wire and Wireless India Limited (WWIL).

The promoters have placed 38.4 million shares, which is around 9 per cent of the equity share capital, of DishTV with well known Institutional Investors ''who are keen on Indian media and entertainment stocks with a long term perspective,'' a company release said today.

''The objective of the fund raising was to assist DishTV and WWIL for their expansion plans. Subsequently, both companies would raise financing through fresh issuance of equity capital,'' Essel Group chairman Subhash Chandra said.

''With listing of DishTV, Zee shareholders are now able to be a part of companies exciting growth. Based on today's closing price, the market capitalisation of DishTV works out to Rs 44 billion (USD 1.0 billion),'' Mr Chandra said while commenting on the listing of DishTV in BSE and NSE today.

Essel Group comprises a wide range of print and media enterprises in India that includes Zee News and Daily News and Analysis (DNA).

UNI