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UTV Software soars as Walt Disney plans to buyout entire stake

08 Dec 2011 Evaluate

UTV Software Communication is currently trading at Rs 978.25, up by 27.35 points or 2.88% from its previous closing of Rs 950.90 on the BSE.

The scrip opened at Rs 965.25 and has touched a high and low of Rs 994.80 and Rs 965.25 respectively. So far 107409 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 994.80 and Rs 935.00 respectively. The current market cap of the company is Rs 3876.56 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 Company (Southeast Asia) Pte, Singapore would be acquiring entire stake of Indian media company -UTV Software Communication. The Cabinet Committee on Economic Affairs (CCEA) approved three proposals, including one of Walt Disney that would totally bring in foreign direct investment (FDI) worth Rs 14,750 crore. Walt Disney currently holds a 48.02% stake in the company.

CCEA also gave its approval for a proposal of Grid Equipment, Haryana, for bringing in foreign direct investment of Rs 4,500 crore, besides giving nod for a proposal of Grid Equipment, Haryana, for bringing in foreign direct investment of Rs 4,500 crore.

In July, the board of the Indian media company approved majority shareholder Walt Disney's plan to buy all the outstanding shares held by the public shareholders for a price not exceeding Rs 1000 a share.

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