UTV announces book closure of UTVM IPO on LSE

New Delhi, June 19 (UNI) UTV Software Communications Limited (the Company) has announced the "book closure" of the initial public offering (IPO) of it's subsidiary UTV Motion Pictures Plc (UTVM) incorporated in Isle of Man, on the Alternative Investment Market ( AIM ) of London Stock Exchange (LSE).

UTVM has closed the book for allotment of 24,137,931 equity shares of 0.05 dollars each (comprising 23.17 per cent of the post allotment equity) at 2.90 dollars per share aggregating to 70 million dollars valuing the subsidiary at 309.3 million dollars at IPO price, a UTV release said.

UTVM has also retained a greenshoe option to further allot 2,528,735 shares at 2.90 dollars per share. Post issue of the greenshoe option, UTVM would in aggregate raise 77.33 million dollars with 25 per cent dilution, the Company holding balance 75 per cent.

UNI