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Disney offers Rs 1,000 per share to buy out UTV

27-July-2011
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Disney offers Rs 1,000 per share to buy out UTV

UTV Software Communications Ltd has received a proposal from The Walt Disney Company (Southeast Asia), a promoter of the company, to delist the equity share of UTV from all stock exchanges, that is, BSE and NSE.

The delisting proposal entails an offer to acquire all outstanding equity shares by public shareholders in UTV. The Walt Disney Company currently holds 50.44 per cent of the current paid up equity share capital of UTV. Rohinton (Ronnie) Screwvala, Unilazar Exports and Management Consultants Ltd, Unilazar (Hong Kong) Ltd and Zarina Mehta are the other promoters of UTV, cumulatively holding 19.82 per cent of the current paid up equity share capital, taking the aggregate promoter holding in UTV to 70.26 per cent of the current paid up equity share capital of the company.

The Walt Disney Company has offered a maximum price of Rs 1,000 per equity share to buy back the remaining 49.56 equity shares.

Following this buyout, Screwvala will cease to be an employee of UTV Software and instead be employed by The Walt Disney Company (TWDC India), a part of the Disney Group, as Managing Director. He shall inter alia be responsible for overseeing the Indian businesses of the companies owned and managed by the Disney Group, including, among others, the business of the company, going forward. Screwvala and TWDC India shall enter into an employment agreement in this regard.

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