The board of directors of UTV Software Communications, which met on February 16, approved a proposal to issue 9.35 million equity shares to The Walt Disney Company (Southeast Asia) at Rs 860.79 per share.According to a release issued by UTV to the BSE today, Disney will invest Rs 805 crore to hike its stake from 14.85% (by holding 3.40 million shares).
The deal is subject to the approval of shareholders and all regulatory approvals "including but not limited to the approval of the Foreign Investment Promotion Board for the subscription of equity shares by Disney in the company,"the release added.
The board also approved issue of 4.35 million warrants, convertible into 4.35 million shares to a promoter company, Unilazer Exports and Management Consultants, at Rs 860.79 per warrant. "The total investment by Unilazer in the company would be around Rs 390 crore," the release added.Unilazer Exports along with its promoters presently holds 30.67% of the equity share capital of the company through 7.02 million shares and 1.94 million warrants.
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Read more in The Business Standard article.
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