Disney increases stake in UTV to 32.1% with an investment of approximately Rs 805 crore ($203 million)
* Ronnie Screwvala consolidates stake at 32.1% with warrants at the same price
* Disney takes 15% of UTV Global Broadcasting for Rs 119 crore ($30 million)
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.
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