Walt disney to acquire stake in UTV Communications

New Delhi, Sep 6 (UNI) Cartoon and Animation giant Walt Disney company (Southeast Asia) will acquire a stake of 34 lakh equity shares for Rs 65.45 crore in UTV Software Communications Ltd, India's leading media and entertainment company.

UTV had earlier approved the issue of 34 lakh equity shares of Rs 10 each to Walt Disney Company at a price of Rs 192.50 per share.

In addition, the company has also allotted 19,49,360 warrants convertible 19,49,360 equity shares to Rohinton Screwvala on the terms contained in the resolution approved by the members at their Annual General Meet.

The company recently agreed to sell Hungama, its children's cable and satellite TV channel to Walt Disney Co.

It also plans to set up an equal joint venture in the television broadcasting business and is in talks with foreign companies based in India.

UTV Software plans to make at least 10 movies every year in India by 2008-09 in addition to co-producing animation and live-action movies for the international market.

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