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Walt Disney Picks Up 15% Stake In UTVs Broadcasting Arm

Posted on August 08, 2008

UTV Software Communications Ltd has sold 15 per cent stake in its broadcasting arm, UTV Global Broadcasting Ltd (UGBL), to Walt Disney Co Pte Ltd for $28.15 million. UGBL has allotted 3,00,000 equity shares to Walt Disney, said UTV Software informing the Bombay Stock Exchange. At the same time UTV Software allocated 1.5 million shares of UBGL to itself, constituting a 75 per cent stake in UBGL. These shares have been allotted at Rs 10 each for total consideration of $57 million (Rs 240 crore)The broadcasting arm is the parent company for its two wholly owned subsidiaries, Genx Entertainment Lt...

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