NYSE-listed alternative assets manager Apollo Global Management has exited its six-year-old investment in India’s largest direct-to-home TV service operator Dish TV Ltd by selling its remaining 3.58 per cent stake for Rs 399 crore ($61 million).
It sold the shares in an open market transaction on Wednesday.
Apollo Global had originally invested $100 million (Rs 465 crore then) in Dish TV in 2009 through a GDR issue. It had converted a part of the GDRs into equity shares, which it sold in April this year for Rs 262.5 crore ($42.2 million) through an open market transaction.
The private equity firm, which held around 8 per cent stake separately in the DTH service provider through its outstanding global depository receipts (GDR) as on March 31, 2015, sold 4.4 per cent stake in the company for Rs 483 crore ($75 million).
The latest sale tranche marks a full exit for Apollo Global Management in Noida-headquartered Dish TV.
In total, it has pocketed Rs 1,144 crore or almost three times what it invested. However, in dollar terms, it has exited with 78 per cent returns as the Indian currency has depreciated sharply over the last two years.
Dish TV, part of one of India’s biggest media conglomerates Zee Group, has more than 470 channels and services, including 23 audio channels and over 43 HD channels and services on its platform.
Dish TV India’s scrip closed at Rs 106 a share on BSE, down 3.81 per cent in a strong Mumbai market on Wednesday.
For Apollo, this is the second exit move from an Indian portfolio firm. Two years ago, it exited from Welspun Maxsteel Ltd.
In India, last year, Apollo invested in power generator Mytrah Energy. It also raised a large special situations investment fund along with ICICI Venture last year.