UTV to launch IPO in May

MUMBAI, FEBRUARY 14: Media and entertainment firm UTV Software Communications Ltd (UTV) is planning an initial public offering (IPO) in May/June 2000, the company’s chairman said on Monday. "After the current phase of consolidation is over, we will go for an IPO in May or June," Ronnie Screwvala, chairman of the company said.

The company also announced consolidation of its various activities, companies and shareholding, after which various firms in the group will become 100 per cent subsidiaries of UTV. The promoters holding in UTV will be reduced to 61 per cent after the consolidation, and Warburg Pincus will own 26 per cent of UTV, the company said in a statement. The remainder of the equity will be held between the Japanese firm Mitsui & Co, Indian firm Infrastucture Leasing & Financial Services, the South-India based UB Group and International Equity Partners. The group companies that become 100 per cent subsidiaries of UTV after the consolidation include United Studios Ltd, UTV Singapore, UTV Malaysia,Internet firm UTV Interactive and South-India based Tamil language cable channel Vijay TV.