MUMBAI: Indian billionaire investor Rakesh Jhunjhunwala-owned Rare Enterprises on Wednesday picked up 1.30 crore shares in the direct to home service provider Dish TV. Following the move, the Dish TV India's share price rallied as much as 3.5 per cent on Thursday morning.
According to bulk deals data on the National Stock Exchange (NSE) website, the shares were purchased at Rs 71.30 per share. Total value of the deal stands at Rs 92.69 crore.
Last month, Dish TV reported a consolidated net profit of Rs 118.21 crore for the quarter ending in March. In 2017's first quarter, the company suffered a net loss of Rs 29.49 crore.
However, the merger of Dish TV and Videocon was completed on March 22.
"Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods of the last year," the company had said in a statement.
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