Disney buys out UTV’s Screwvala,Unilazer

UTV Software said Rohinton Screwvala and Unilazer have sold their shares to Walt Disney Co.

Written by Agencies | New Delhi | Published:February 3, 2012 3:39 pm

Media and entertainment firm UTV Software Communications today said Rohinton Screwvala,Unilazer and Unilazer HK have sold all their shares in the company to The Walt Disney Company (South East Asia) Pte Ltd (TWDC SEA) for an undisclosed amount.

The shareholders’ agreement between Rohinton Screwvala,Unilazer Exports and Management Consultants Ltd,Unilazer Hong Kong Ltd and The Walt Disney Company (South East Asia) Pte Ltd (TWDC SEA)has been terminated with effect from February 2,2012,UTV Software Communications said in a filing to BSE.

The firm yesterday said it has fixed the exit price for shareholders at Rs 1,100 per share as part of its complete acquisition by US-based Walt Disney Company.

“The acquirer (The Walt Disney Company Southeast Asia Pte Limited) has accepted the discovered price of Rs 1,100 per share and shall acquire all shares tendered through valid bids at or below the exit price,” the earlier filing had said.

In July last year,UTV Software had announced that Walt Disney Co has offered to buy out stakes held by public shareholders and other promoters of the company in a deal valued around Rs 2,000 crore.

Subsequently,in December,2011,the Cabinet Committee on Economic Affairs (CCEA) approved the deal.

As of December 31,2011,the promoter and promoter group shareholding in UTV stood at 70.04 per cent,including 50.28 per cent owned by Walt Disney Company (South East Asia) Pte Ltd.

Rohinton Screwvala has also ceased to be the Manging Director of the company,but will continue to be a whole-time director of the company,UTV said.

UTV operates in five verticals — broadcasting,games,motion pictures,digital content and television content.

Shares of UTV Software Communications Ltd were being quoted at Rs 1,063 apiece in afternoon trade on the BSE today,down 0.38 per cent from their previous close.

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