walt-disney-increases-stake-in-indias-utv

Walt Disney increases stake in India's UTV

Walt Disney is to invest $233 million in two UTV media businesses as it enhances its focus on the Indian market.
The Walt Disney Company will invest $203 million in UTV Software Communications to increase its stake to 32%, and another $30 million to take a 15% stake in a new company called UTV Global Broadcasting.

The deal will be effected by way of a preferential allotment of 9.35 million shares to Walt Disney at Rs860.79 $21.71 apiece. The price represents a 5% premium to the allotment price based on the SEBI preferential allotment pricing formula.

Ronnie Screwvala, the founder and group CEO of UTV, will simultaneously consolidate his ownership of UTV by issuing 4.5 million warrants to himself at the same price as Walt Disney, thereby raising another Rs3.9 billion for UTV. UTV...

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