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Walt Disney completes investment of Rs1.18 bn in UGBL

Walt Disney completes investment of Rs1.18 bn in UGBL
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First Published: Fri, Aug 08 2008. 06 47 PM IST
Updated: Fri, Aug 08 2008. 06 47 PM IST
Mumbai: The Walt Disney Company has completed an investment of Rs1.18 billion in UTV Global Broadcasting Limited (’UGBL’) for a 15% stake, announced in February 2008. UGBL has allocated 300000 equity shares to The Walt Disney Company (Southeast Asia) Pte Ltd (”Disney”).
At the same time UTV Software Communications Ltd (UTV), has been allotted 1500000 equity shares of Rs10/- each of UGBL, constituting 75% of the paid up share capital of the company, for a aggregate consideration of Rs2.40 billion, making UGBL a subsidiary of UTV. The remaining 10% continues to be held by Ronnie Screwvala’s Promoter Group.
UGBL is the parent company for its two wholly owned subsidiaries that have launched four channels in six months between September 20 07- March 20 08. With the completion of this investment, the largest in the Indian media and entertainment industry by a foreign company, Disney has completed 32.1% acquisition in parent UTV Software Communications Ltd and 15% in the broadcast arm UGBL at a total outlay of Rs81.83 billion.
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First Published: Fri, Aug 08 2008. 06 47 PM IST