Know why Tata Sky has shelved its IPO plans and is instead turning to PE firms to raise Rs 1,800 cr
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If you have been planning to buy shares from As per a news report in The Economic Times, Tata Sky had planned to list the venture and raise Rs 2,000 crore by selling 25% stake in 2013. It had even shortlisted investment banks
From a reliable source, the ET has learnt, Citi and Morgan Stanley have been retained but now the mandate is to raise PE
ET could not independently verify these names. Confirming that the company has shelved its listing plans, Harit Nagpal, chief executive officer of Tata Sky in an SMS response said: "All our cash requirements have been and will continue to be met by existing shareholders."
Data from Capitaline shows that in 2013-14, at a standalone basis, the company made a loss of Rs 280.4 crore on net sales of Rs 3,023.2 crore compared with a net loss of Rs 378.9 crore on sales of Rs 2,286 crore recorded in the previous fiscal. Finacials for FY15 were not available.
In comparison, Dish TV, Asia's largest direct-to-home service operator, has a market capitalisation ofRs 10,319.56 crore. In FY14-15, it clocked Rs 2,781.64 crore of revenues and a Rs 796-crore EBITDA and aRs 1.01-crore net profit on a consolidated basis.
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(Image: Reuters)
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