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UTV Software surges on Walt Disney’s open offer

28 Dec 2011 Evaluate

UTV Software is currently trading at Rs 994.00, up by 11.20 points or 1.14% from its previous closing of Rs 982.80 on the BSE.

The scrip opened at Rs 990.20 and has touched a high and low of Rs 1000.00 and Rs 987.00 respectively. So far 20058 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 1050.00 on 26-Jul-2011 and a 52 week low of Rs 386.00 on 10-Feb-2011.

Last one week high and low of the scrip stood at Rs 1,000 and Rs 962.00 respectively. The current market cap of the company is Rs 4040.03 crore.

The promoters holding in the company stood at 70.04% while Institutions and Non-Institutions held 14.33% and 15.63% respectively.

Walt Disney Co is all set to launch an open offer to Indian entertainment company UTV Software Communications between 16-20 January to buy remaining stake in the company. The US company, which controls 50.4% stake in UTV, will pay Rs 835.03 to Rs 1,000 a share for delisting the company.

Earlier on December 7, India’s cabinet approved the proposal of Walt Disney-which currently owns 50.40% of UTV Software-to buy out stake of other shareholders of the company at a price not exceeding Rs 1,000 per share. Walt Disney had previously announced that it intends to take full control and delist UTV Software.

Mumbai-based UTV Software’s businesses include production and distribution of movies, making of content for television, running TV channels as well as gaming and animation. In India, Disney operates TV channels, including Hungama TV andDisney XD, and distributes content.

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