UTV to buy 30 pc more in Indiagames for Rs 94.56 cr

Company has entered into definitive agreements with promoters and employee shareholders of Indiagames.

Written by Agencies | New Delhi | Published:October 10, 2011 8:53 pm

Media and entertainment firm UTV Software Communications will increase its shareholding in Indiagames by acquiring additional 30.02 per cent stake in the company for Rs 94.56 crore.

“The company has entered into definitive agreements with the founder promoters and employee shareholders of Indiagames to acquire 30.02 per cent of the fully-diluted equity shares of Indiagames for a purchase consideration of Rs 94.56 crore,” UTV said in a filing to the BSE.

The acquisition,when completed,will increase UTV’s stake in Indiagames from 56 per cent to 86.02 per cent on a fully-diluted basis,it said. Indiagames is engaged in publishing and developing games across various platforms including online and mobile. UTV is negotiating with shareholders to increase its holding in Indiagames to 100 per cent,it added.

“Indiagames’ products are developed and published across all major technology platforms and are distributed through partnerships with mobile operators in over 75 countries,” according to Indiagames website. Earlier,UTV had also announced that Walt Disney would buy out promoters’ as well as the public stake in UTV for around Rs 2,000 crore. Subsequent to the buy-out of public shareholding by Walt Disney Company,UTV Software Communications will be delisted from both the BSE and National Stock Exchange. Currently,Walt Disney is the majority shareholder in UTV Software Communications with 20,497,994 equity shares,accounting for a 50.44 per cent stake. UTV’s scrips were trading at Rs 953.05 per share in the afternoon trade,up 1.03 per cent from the previous close on the BSE.

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