Subsequent to buyout of the public shareholders by Walt Disney Company (South East Asia) Pte Ltd, a promoter group firm, UTV Software will be delisted from both the BSE and the NSE
New Delhi: Media and entertainment firm UTV Software Communications today said Walt Disney Co has offered to buy out stakes held by public shareholders and other promoters of the company in a deal valued around Rs2,000 crore, reports PTI.
Subsequent to buyout of the public shareholders by Walt Disney Company (South East Asia) Pte Ltd, a promoter group firm, the company will be delisted from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), it said.
"The delisting proposal entails an offer to acquire all outstanding equity shares held by public shareholders in the company," UTV said in a filing to the BSE.
Currently, Walt Disney is the majority shareholder in UTV Software Communications with 20,497,994 equity shares, accounting for 50.44% stake.
The company's board of directors has approved the delisting offer and acquiring shares from public at a price not exceeding Rs1,000 per equity share, it said.
Post delisting, Walt Disney will also acquire 80,53,480 equity shares representing 19.82% of the current paid up equity share capital from its other promoters of the company at the same price as discovered pursuant to the delisting offer.
At a price of Rs1,000 per share, the deal could be valued around Rs2,000 crore.
The company's other promoters include Rohinton Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta.
"Upon the completion of the transactions, Rohinton Screwvala shall cease to be an employee of the company and instead be employed by The Walt Disney Company India Pvt Ltd as its managing director," the filing said.
He shall be responsible for overseeing Indian businesses of the companies owned and managed by the Disney Group.
UTV will seek its shareholders' approval through a postal ballot for the delisting.
If for any reason, the delisting offer is not successful, Walt Disney shall evaluate all potential strategies and opportunities in relation to its investment in the company, the filing added.
The company's scrip closed the day at Rs950.45 on the BSE up 5.39% from its previous close.
UTV operates into five verticals-broadcasting, games, motion pictures, digital content and television content.
"With this policy adjustment, we will be able to get back to a more comfortable inflation situation that takes us to the year-end inflation level of 6% to 7%," finance minister Pranab Mukherjee said
New Delhi: Welcoming the Reserve Bank of India's (RBI) decision to hike key rates by a hefty 50 basis points, finance minister Pranab Mukherjee on Tuesday said it will help bring down inflation to a comfortable level of 6%-7% by year-end, reports PTI.
"The Reserve Bank of India has sought to give a strong signal to further moderate inflation and check inflationary expectations," Mr Mukherjee said.
Inflation has remained stubbornly close to double-digit levels during the first quarter of the current fiscal.
Mr Mukherjee said the RBI rate hike was necessary to bring down inflation to an acceptable level at the earliest.
Overall wholesale price-based inflation stood at 9.44% in June. To tame the inflation monster, the RBI today hiked key policy rates by 50 basis points.
"With this policy adjustment, we will be able to get back to a more comfortable inflation situation that takes us to the year-end inflation level of 6% to 7%," Mr Mukherjee added.
The RBI has hiked its policy rates 11 times since March 2010, to curb inflation. However, the problem persists.
Mr Mukherjee said although food inflation has moderated in recent months, pressure in manufactured items has hardened.
While coming out with its first quarterly policy review for the 2011-12 financial year, the RBI admitted that there has been a moderation in growth, but maintained its previous estimate of 8% gross domestic product (GDP) growth for the current fiscal.
Mr Mukherjee said, "The overall GDP growth for 2011-12 so far is in line with the momentum attained in 2010-11."
There have been concerns that the country's economic growth could see some moderation on the back of a deceleration in factory output growth in April-May.
Industrial output growth in April-May this year averaged 5.7%, compared to 10.8% in the same period last year.
The time frame for completion of the project is 24 months
Chennai based Marg Ltd has won an EPC work order worth Rs237.85 crore from Bhavnagar Energy Company in Gujarat. The work order includes a sea water intake, outfall and circulating water system for the 2x250MW lignite based thermal power plant at Padva in Bhavnagar, Gujarat.
The scope of work includes laying submarine pipeline of 5km in the sea of Gulf of Cambay. The time frame for completion of the project is 24 months.
On Tuesday, Marg ended 0.47% down at Rs94.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.87% to 18,518.22.