UTV Software to raise Rs 1 billion through debentures to LIC

MUMBAI: UTV Software Communications will be raising Rs 1 billion (Rs 100 crore) by issuing non-convertible debentures (NCDs) to Life Insurance Corporation of India (LIC).
The company’s board has approved the issue of these debentures, which amount to Rs 1 billion to LIC.
 
The company also announced two new entrants to its Board of Directors. Cadbury India executive director marketing and head chocolate category Asia Sanjay Purohit has joined UTV board as independent and non executive director.
 
Additionally Disney-ABC International Television, Asia-Pacific senior vice president and managing director, Rob Gilby has joined the UTV board of directors as a non executive director. 
 
Purohit joined Cadbury India in 1999 as head of marketing and has since held roles of increasing responsibility in the sales and marketing function of Cadbury. Currently, he has a dual responsibility – executive director marketing for Cadbury in India and head of chocolate category in Asia.
 
Gilby joined Disney as managing director Disney Channel UK, Scandinavia & Emerging Markets in January 2006, with responsibility for Disney Channel, Playhouse Disney, Toon Disney and Disney Cinemagic. Since joining, he has overseen significant growth at Disney Channel with the launch of Disney Cinemagic in the UK, Disney Channel in Poland & South Africa, and Playhouse Disney in Scandinavia. 
 
He has also extended the channel reach to emerging platforms with the  launch of Disney’s channels on DTT platforms in Norway & Finland and on  IPTV in the UK with Tiscali. Prior to Disney, Rob worked at Turner Entertainment Networks Asia, where he was Vice President, Network Development and Strategic Marketing, responsible for all marketing and strategic  development activities for Cartoon Network, Boomerang and Turner Classic  Movies across Asia Pacific.
With these additions the UTV Software board totals 12 board members, three of the founder promoters namely Ronnie Screwvala, Zarina Mehta and Deven Khote and three Disney directors – Andy Bird, Kevin Mayer and Rob Gilby and six independent board members – Prem Mehta, Darius C Shroff, Sanjaya Kulkarni, Suketu Shah, Narendra Ambwani and Sanjay Purohit.

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