Essel grp raises Rs 445cr to expand DTH business

New Delhi, Apr 19: Promoters of Essel group today said they have raised Rs 445 crore to expand its distribution businesses, Dish TV India Ltd and Wire and Wireless Ltd.

The promoters have placed 38.4 million shares of DishTV with well known institutional investors, who are keen on Indian media and entertainment stocks with a long-term perspective, a statement said here today.

''With this fund raising, our objective was to provide funds to both DishTV and WWIL for their expansion,'' Essel group Chairman Subhash Chandra said in the statement.

He said that both these companies would raise financing through fresh issuance of equity capital.

''With listing of DishTV, Zee shareholders can see the value unlocking and can participate in the growth of the DTH business. DishTV is the fastest growing DTH service in the world and would build long term shareholder value,'' Mr Chandra added in the statement.

UNI