UTV gets first inflow of funds from Disney

Mumbai, Sep 6 (UNI) UTV Software Communications today announced the allotment of 34,00,000 equity shares of Rs 10 each at an issue price of Rs 192.50 per share to The Walt Disney Company (Southeast Asia) Pvt Ltd.

The approval for the same was granted by the members at their annual general meeting held on August 24, 2006. The company also announced the allotment of 19, 49,360 warrants to Ronnie Screwvala, founder and promoter of UTV, a release issued here today said.

This brings the first tranche of fund inflows into the company amounting to Rs 69.20 crore. With this transaction, the strategic investment into UTV from The Walt Disney Company stands executed, the release added.

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