Active Stocks
Tue Mar 19 2024 13:41:05
  1. Tata Consultancy Services share price
  2. 4,004.65 -3.38%
  1. Tata Steel share price
  2. 150.30 0.47%
  1. Bharti Airtel share price
  2. 1,231.60 0.53%
  1. Power Grid Corporation Of India share price
  2. 260.35 -1.75%
  1. ITC share price
  2. 410.15 -1.74%
Business News/ Industry / Disney plans majority stake in UTV Software
BackBack

Disney plans majority stake in UTV Software

Disney plans majority stake in UTV Software

Premium

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 18 Feb 2008, 12:25 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App