Jawahar Goel, promoter and managing director of Dish TV, has offered a “substantial portion” of his equity in the firm as security for the credit facilities availed of by the Essel group, Subhash Chandra, chairman and group promoter, said on Thursday.
Chandra’s statement acquires significance as the group has struggled with debt for a while. Dish TV is a direct-to-home (DTH) company, and the stake of the promoter family – led by Goel, who is Chandra’s brother – stands at 7.3 per cent, BSE data shows.
However, this promoter stake has been pledged to lenders, who have been revoking shares in just a year, the stake has fallen from nearly 55 per cent to 7.3 per cent. Consequently, pledged shares as a percentage of total equity have dropped to 3.74 per cent from 51 per cent.
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