UTV will also invest Rs 135 crore to enhance its existence in the animation movies segment in the next 3 years.
The Walt Disney Company has invested Rs 118 crore (Rs 1.18 billion) for a 15 per cent stake in UTV Global Broadcasting (UGBL), the broadcasting arm of UTV Software Communications. Walt Disney currently holds 300,000 equity shares in the company.
The company has entered into an arrangement with Indiagames and its promoters for acquisition of majority stake in the mobile and online gaming company for a consideration of around Rs 68 crore.
Post strategic sale, Disney will have a representative on the UTV board.
UTV Software Communications Ltd has bagged three animation contracts from overseas with total value exceeding over $3 million.
UTV Software Communications has fixed the issue price for its initial public offering at Rs 130 per share.
Indiagames is a leading developer and publisher of mobile and online games.
Selling it later may be difficult. Some ideas on what one could do if the premium offered isn't enough.
UTV Software Communciations has acquired the promoter and employee shareholding of 30.02 per cent in Indiagames -- mobile and online gaming developer and publisher -- for Rs 94.56 crore (Rs 945.6 million).
Sources said Vishal Gondal, founder of Indiagames, along with existing investors Cisco and Adobe, are in talks with both private equity consortia and strategic investors to buy back the stake they'd once sold to the parent firm.
Media and entertainment company UTV Software Communications has acquired 80 per cent stake in California-based gaming company True Games Interactive. The acquisition has been done through its gaming arm UTV Interactive.
Ronnie Screwvala, the chairman and CEO of UTV Software Communications, opens the door of his plush Breach Candy apartment himself. Once seated in the comfortable surroundings, Screwvala makes no attempt to brush off the fact that the media and entertainment industry in which he operates has been hit by the slowdown.
UTV Software Communications has launched an English business news channel, UTVi. The channel will go on the air by April-end. The company has entered into a content tie-up with Disney-ABC International Television (Asia-Pacific), the international TV distribution arm of The Walt Disney Company, for news programming & services. The channel is positioned to cater to the growing business aspirations of young Indians. The channel will attempt to de-jargonise the financial markets.
The Securities and Exchange Board of India has approved The Walt Disney Company's deal to increase stake in Ronnie Screwvala-promoted UTV Software Communications beyond 15 per cent, six months after the deal was initially signed. Sebi, the market regulator, has also okayed the US-based company to launch an open offer.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the finance ministry. The Lafarge's proposal was cleared as per the order of Bombay high court, a finance ministry statement said.
UTV Software Communication Media Company has announced that they have reached agreement on the terms of a recommended Proposal pursuant to buy the remaining stake in UMP Plc for about $195 million to integrate its movie business.
UTV Toons has openings at its new animation studio in Mumbai
Walt Disney is close to increasing its stake in Ronnie Screwvala-promoted media company UTV Software Communications to 32 per cent.
The first general entertainment channel Bindass will go on air from September 24 along with a Hindi movie channel targeted at youth.
Leading integrated media and entertainment company UTV Software Communications Ltd has decided to divest its entire stake in United Home Entertainment Ltd to the Walt Disney Company
UTV Software Communications Ltd and its animation division, UTV Toonz, has entered into an animation deal worth $10 million with New York-based BKN New Media Inc.
Media and entertainment company UTV Software Communications Ltd has filed a draft prospectus with the Securities and Exchange Board of India for its initial public offer for 59.99 lakh (5.99 million) shares of Rs 10 each.
Media and entertainment company UTV Software Communications would enter the capital market on February 21 with the Initial Public Offer of 69,99,950 equity shares of Rs 10 each through a 100 per cent book building route to finance its expansion plans
Sell it to the company's shares during the next year.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
The growing interest in alternative sports is encouraging Ronnie Screwvala to extend the U Mumba brand from kabaddi to football and volleyball.
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He started a fund with Rs 800 crore and made several investments.
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