MUMBAI: When Dish TV-Videocon d2h Ltd announced their merger, a presentation to investors had stated that the merged entity would issue global depository receipts (GDRs) on the Luxembourg exchange. However, probably what it meant was the London stock exchange. Which is what happened last week.

The world’s second largest pay TV company in terms of subscribers announced on 13 April that 277,095,615 GDRs (each representing a fully paid equity share) have been listed and permitted to trade on the professional securities Market of the London Stock Exchange. These have an approximate value of $315 million while DishTV Videocon d2h has a market cap of $2.2 billion, based on the ordinary shares listed in India.

This followed the ingestion of Videocon d2h into Dish TV India on 22 March 2018. The former had American depository shares listed on Nasdaq; these stand delisted and have been exchanged for Dish TV’s GDRs.

Said Dish TV India chairman & managing director Jawahar Goel: "The amalgamation of Videocon d2h and Dish TV has put the new entity on the road to exceptional future growth and profitability. Having London Stock Exchange as a partner in that journey will make it much more rewarding. We now look forward to leading the DTH industry in India to the next level.”

Dish TV India group chief executive officer Anil Dua added: "We are extremely pleased to start trading on London Stock Exchange today and increase our visibility to international investors, following the successful completion of the merger between Videocon d2h and Dish TV. The merger and the eventual listing has been long awaited news for many. I wish to put on record here, our commitment to make the new entity reach unprecedented levels of growth and success in the coming years."