Disney buys Screwvala, Unilazer and Unilazer stake in UTV
Moneylife Digital Team 03 February 2012

Ronnie Screwvala also ceased to be the managing director of the UTV Software Communications but will continue to be a whole-time director of the company

New Delhi: Media and entertainment firm UTV Software Communications on Friday said Rohinton Screwvala, Unilazer Exports and Management Consultants Ltd and Unilazer Hong Kong Ltd (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, reports PTI.

The shareholders' agreement between Rohinton Screwvala, Unilazer , Unilazer HK and 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 Rs1,100 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 Rs1,100 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 31 December 2011, the promoter and promoter group shareholding in UTV stood at 70.04%, including 50.28% 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% from their previous close.

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