Mumbai (PTI): Dish TV India, a part of Zee Network Enterprises, on Friday said it has canceled the proposal to allot securities worth Rs 250 crore to Mauritius-based private equity fund Indivision India Partners.

In a filing to the Bombay Stock Exchange, Dish TV said, "... the company has not been able to complete the process of allotment of these securities within the specified time limit in the absence of any remittance from the investor towards subscription to these securities."

Under the circumstances, the proposal for issue of the securities on a preferential basis to the investor stands withdrawn and canceled, the company added.

Indivision was supposed to be allotted 1.25 crore equity shares of Dish TV of Re 1 each at a price of Rs 100 each, aggregating Rs 125 crore.

Further, the private equity fund was to subscribe 9,615,385 warrants - each convertible into an equity share - at a price of Rs 130 per equity share aggregating to Rs 125 crore.

According to the filing today, Dish TV said it had received all requisite approvals for the said issue, including approvals from the Board of Directors, shareholders, Ministry of Information and Broadcasting, Government of India and Foreign Investment Promotion Board (FIPB).

Shares of the firm closed at Rs 62.95, up 0.40 per cent at the BSE.