MUMBAI: UTV Software Communications’ board has approved a proposal from promoter Walt Disney Company, South East Asia to delist shares of the firm from all stock exchanges.

The company’s shares surged on the bourses upon the announcement. The stock hit a 52-week high of Rs 1050 in intraday trade today.

The delisting of UTV shares will be at a price not exceeding Rs 1,000 a share and the offer will be made in accordance to the regulatory norms.

Disney holds 20.4 million shares (50.44 per cent) of the current paid-up equity share capital of the company, while the remaining 19.82 percent is held by Ronnie Screwvala, Unilazer Exports and Management Consultants Ltd, Unilazer (Hong Kong) and Zarina Mehta.

Post the delisting, Disney will acquire the 19.82 percent stake from the remaining promoters at the same price as discovered during the delisting offer.

Additionally, Screwvala will cease to be the employee of the company post-delisting and will become the managing director of The Walt Disney Company India, responsible for overseeing the Indian businesses of the Disney Group. Screwvala and TWDC India shall enter into an employment agreement in this regard.