MUMBAI: UTV Software Communications has approached the Competition Commission of India (CCI) for approval of its proposed merger with Walt Disney Company (South East Asia) Pte Ltd.
The company, which announced that Walt Disney would buy out the stake held by public shareholders and other promoters of UTV Software Communications, will require the CCI’s clearance to establish the ramification that the stake sale will have on market competition.
As was reported earlier by Businessofcinema.com, post the buy-out of the public shareholders by Disney, UTV Software Communications will be delisted from both the Bombay Stock Exchange and National Stock Exchange.
Disney is a majority shareholder in UTV, with 20,497,994 equity shares, accounting for a 50.44 per cent stake.
