Disney ups holding in UTV Software Communications to 60%

MUMBAI: Walt Disney Company (South East Asia) and UTV Software Communications’ founders have together acquired an additional 22.65 per cent in the company through an open offer, which was priced at Rs 860.79 per share.

Post this, the combined shareholding of UTV founders and Disney in UTV Software Communications rose to 83.25 per cent with Disney holding 59.94 per cent.

In February this year, Disney had reached a deal to more-than-double its stake in UTV Software Communications. Disney along with UTV founders had made a joint open offer to acquire a further 20 per cent stake in the company.

Disney had earlier acquired 14.85 per cent in UTV along with the buy out of the company’s kids channel Hungama TV.

Early this year the Disney had hiked its holding in UTV to 37.29 per cent.

The company’s share price closed at Rs 233.20, down 1.21 per cent on the Bombay Stock Exchange on Friday (5 December).