Mumbai: The Walt Disney Company has completed an investment of Rs 1.18 billion (Rs 118 crores) in UTV Global Broadcasting Limited (UGBL) for a 15 per cent stake, that was announced in February.
UGBL has allocated 300,000 equity shares to The Walt Disney Company Southeast Asia.
At the same time UTV Software Communications has been allotted 1,500,000 equity shares of Rs 10 each of UGBL, constituting 75 per cent of the paid up share capital of the company, for an aggregate consideration of Rs 2.40 billion (Rs 240 crores), making UGBL a subsidiary of UTV. The remaining 10 per cent continues to be held by Ronnie Screwvala’s promoter group.
UGBL is the parent company for its two wholly owned subsidiaries that have launched four channels in six months. First, is Genx Entertainment Limited that houses the youth brand Bindass, launched in September 2007. Bindass Movies is another offering targeted at the Indian youth, which showcases Hollywood movies dubbed into Indian languages.
Second is UTV Entertainment Television Limited that houses World Movies and UTV Movies.
With the completion of this investment, Disney has completed 32.1 per cent acquisition in parent UTV Software Communications Ltd and 15 per cent in the broadcast arm UGBL at a total out lay of Rs 9.2 billion (Rs 920 crores).