US-based Walt Disney will launch an offer for delisting shares of media and entertainment firm UTV Software Communications from Indian bourses on January 16 next year.
Walt Disney plans to delist about 1.22 crore shares, representing 29.96 per cent of UTV Software's equity, and the offer price for the shareholders has been fixed between Rs 835.03-1,000 a share, Walt Disney said in an advertisement published today.
The offer opens on January 16 and will close on January 20, it added.
UTV currently holds an over 50 per cent stake in UTV Software.
In July this year, Walt Disney Co had offered to buy out stakes held by public shareholders and other promoters of the company. The government has also approved the proposal, which is expected to result in FDI inflows amounting to about Rs 8,250 crore.
Post-delisting, Walt Disney is likely to hold a 80.25 per cent stake in the company if it successfully acquires the shares of all public stakeholders, while the remaining equity would be held by RS Group.
However, assuming that Disney acquires the shares of UTV Software's other promoter as well, pursuant to a share purchase agreement, Disney will secure a 100 per cent stake in the company, the advertisement said.
Satyakam Mishra
reachsatyakam@gmail.com
http://equityconnect.blogspot.
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