Sun Direct raises expansion funds
India’s Sun Direct DTH broadcasting operation in the past year raised 2.6 billion Indian Rupees (€32 million) by way of rights issues to fund capital expenditure. The cash is needed to help fund expansion into digital transmission in India’s Phase 3 and 4 of the nation’s digitisation project.
Sun Direct is also planning to reduce its net debt of INR 9 billion. Indian media baron, Kalanithi Maran and Malaysia’s pay-TV provider Astro hold 80 per cent and 20 per cent stake in Sun Direct. The company has 9.2 million subscribers with over 36 per cent subscribers in Tamil Nadu; and 53 per cent subscribers collectively in Andhra Pradesh, Karnataka and Kerala regions of India.