Today, Apollo Global Management LLC, a US-based private equity firm, sold its remaining stake in Dish TV India Limited for INR 399 crores (US$ 60 million) via bulk deals on the Bombay Stock Exchange. Apollo Global offloaded about 38.1 million shares in the DTH operator at INR 104.64 per share, a nice 163% above its average cost price of INR 39.80 per share.
Apollo Global, which has an AUM of ~US$ 160 billion, had invested US$ 100 million (then INR 465 crore) in Dish TV through a GDR issue in November 2009.
Having held onto its investment for a little over five years, Apollo Global started to pare its stake in Dish TV from April 2015 on wards. In April this year, Apollo Global sold 27% of its stake in the company for INR 263 crores. It repeated the act in June 2015, selling another 40% of its original stake for INR 487 crores. Including the INR 399 crore proceeds from today's sale, the total money realized by Apollo Global from its entire investment in Dish TV amounts to INR 1,148 crore (US$ 179 million).
In dollar terms, Apollo Global seems to have generated a gross IRR of 11-12% on its investment in Dish TV. This is hardly impressive considering Apollo Global has delivered a 39% gross IRR and a 25% net IRR within its private equity business, since founding.
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