UTV Software denies talks of further stake sale to Disney | business | Hindustan Times
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UTV Software denies talks of further stake sale to Disney

business Updated: Jun 07, 2011 16:27 IST

UTV Software Communications Ltd said on Tuesday that it has not received any proposal from The Walt Disney Co to increase the latter's stake in the Indian media firm.

The company was responding to media reports suggesting Disney may increase its stake in Disney, likely triggering an open offer that could lead to the firm's delisting from Indian bourses.

"Presently, no such delisting proposal has been received by the company from its promoter shareholder," the company said in a statement to the NSE.

On Monday, shares of UTV had risen as much as 12% to a 52-week high on market talk that Disney is planning to raise its holding in the company.