Promoters sold a 5.8% stake in direct-to-home service provider Dish TV India Ltd in a series of block deals during trading hours today and the scrip was trading 17% down at Rs44.40 just before markets closed. Promoters raised Rs270 crore, selling shares at Rs49 each, managing director Jawahar Goel told Reuters. The money will be used to fund the founders’ part of a planned rights issue, Goel said. Last week, the company said it will raise $200 million through an FCCB (foreign currency convertible bonds) issue to fund customer acquisition. The FCCB issue is in addition to a Rs1,100 crore, three-parts rights issue, taking the total money that the company is raising, to Rs2,000 crore.
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