MUMBAI: UTV Motion Pictures (UTVM) has raised $ 70 million (approximately Rs 290 crore) through its listing on the London Stock Exchange’s Alternative Investment Market (AIM).
Upon listing, UTV Motion Pictures Plc is expected to have a market value of $ 309.3 million (over Rs 1,200 crore) as promoters are seeking to dilute 25 per cent of its total equity base through the share-sale at $ 2.90 apiece.
UTVM has closed the book for allotment of 24,137,931 equity shares of $ 0.05 each (comprising 23.17 per cent of the post allotment equity) at $ 2.90 per share aggregating to $ 70 million. UTVM has also retained a greenshoe option to further allot 2,528,735 shares at $ 2.90 per share.
Post issue of the greenshoe option, UTVM would in aggregate raise $ 77.33 million with 25 per cent dilution, the company holding balance 75 per cent.
The Indian Film Company debuts on AIM