There have been reports that Disney is looking to buy the remainder of UTVs stake for Rs 2000 crore. The Walt Disney Company (Southeast Asia) is looking to take Indian media conglomerate UTV Software private by acquiring publicly held shares in the open market at a maximum of Rs 1000 per share, and delisting the company.
Please note that The price of Rs 1000 is for Public Shareholding only and Disney has not disclosed how much it is willing to pay for the 19.82% held by RS Promoters. From the perspective of Disney, they consider Rs 1000 as an attractive price for the Public shareholding, but says that this is neither the maximum price, nor is it an offer to acquire the complete shareholding. If the delisting of UTV Software is successful, Disney will look to acquire the remaining 19.82% shares currently held by UTVs promoter group (RS Promoters) – Ronnie Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong Kong) and Zarina Mehta – who hold 8053480 shares, constituting 19.82% of the current paid up equity capital of the company. This means that 29.74% shares are held publicly.
CRISIL Research has come out with its report on UTV Software Communications . The research firm has initiated coverage on the company with a valuation grade of 1/5 and maintained the fair value of Rs 627 per share, in its July 26, 2011 report.
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