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Disney plans majority stake in India's UTV Software

After the allotment and on successful completion of the offer, Disney's stake in the Indian firm would rise to 51.6 per cent, it said, from 14.85 per cent currently.
By HT Correspondent | Reuters, Mumbai
UPDATED ON FEB 18, 2008 11:16 AM IST

A unit of Walt Disney Co and the founders of India's UTV Software Communications Ltd have made an open offer to buy another 20 per cent in the Indian media firm, an advertisement in the

Business Standard

showed on February 18.

The open offer for 7.75 million shares at 860.79 rupees each would follow a proposed allotment of 9.35 million shares at the same price to Disney, the advertisement said.

After the allotment and on successful completion of the offer, Disney's stake in the Indian firm would rise to 51.6 per cent, it said, from 14.85 per cent currently.

UTV's founders' would also receive warrants for 4.5 million shares at the same price prior to the open offer, the advertisement said.

On completion of the offer, Disney and the founders together would own 83.7 per cent of the firm, the advertisement said, adding the the two parties said they did not intend to delist UTV Software.

The open and closing dates of the offer were not given in the notice.

At 0459 GMT, UTV shares were down 3.5 per cent at 832 rupees.

(Reporting by Jasudha Kirpalani, Editing by John Mair)

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