wordpress blog stats
Connect with us

Hi, what are you looking for?

Videocon d2h stalls IPO plans, again

Videocon Group's direct-to-home (DTH) arm Videocon d2h has once again scrapped its IPO plans, apparently to start the process from scratch, reports Moneycontrol.com. The report mentions that the company withdrew the application through its lead banker Axis Bank on March 27. Videocon d2h had re-filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an IPO, in September last year, and was looking to raise up to Rs 700 crore through this offering. It was also planning to raise up to Rs 50 crore through a pre-IPO placement of up to 5 million shares, with a face value of Rs 10 each. This development follows Videocon d2h's listing on the NASDAQ, earlier this month. It raised about $325 million by issuing American Depository Receipts (ADRs). Note that US-based Silver Eagle Acquisition Corp had acquired a 33.5% stake in Videocon d2h for about $300 million, in January this year. The equity shares sold by Videocon d2h were represented by ADRs, which were distributed to Silver Eagle shareholders during Videocon d2h's NASDAQ listing. It's worth noting that Videocon's executive director Saurabh Pradipkumar Dhoot told CNBC-TV18 that the company would like to be listed in India as well after NASDAQ but they don’t have a timeframe at present. Videocon d2h had previously filed for an IPO in December 2012 and had also received SEBI approval in March 2013. However, it hadn’t gone ahead with the offering due to unfavourable market conditions. Videocon d2h commenced DTH operations in India in July 2009 and has since grown to a gross subscriber base of 11.8 million…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Bankman-Fried has also been ordered to forfeit $11 billion to repay the aggrieved customers of his crypto-exchange platform FTX.

Amazon

According to UOKiK, Amazon misled users into believing that placing an order or receiving an order confirmation was tantamount to a sales contract, which...

News

The ECI found Shrinate's comments to be in ‘undignified and in bad taste’ and to be prima facie violative of the ‘Model Code of...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ