Disney plans majority stake in UTV Software

Disney plans majority stake in UTV Software
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First Published: Mon, Feb 18 2008. 12 25 PM IST
Updated: Mon, Feb 18 2008. 12 25 PM IST
Mumbai: A unit of Walt Disney Co and the founders of India’s UTV Software Communications Ltd have made an open offer to buy another 20% in the Indian media firm, an advertisement in a business daily showed on Monday.
The open offer for 7.75 million shares at Rs860.79 each would follow a proposed allotment of 9.35 million shares at the same price to Disney, the advertisement said.
After the allotment and on successful completion of the offer, Disney’s stake in the Indian firm would rise to 51.6 percent, it said, from 14.85 percent currently.
UTV’s founders would also receive warrants for 4.5 million shares at the same price prior to the open offer, the advertisement said.
On completion of the offer, Disney and the founders together would own 83.7% of the firm, the advertisement said, adding the the two parties said they did not intend to delist UTV Software.
The open and closing dates of the offer were not given in the notice.
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First Published: Mon, Feb 18 2008. 12 25 PM IST
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