UTV seeks investors' nod for pref issue to Disney

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Mumbai: Media and entertainment firm UTV Software is seeking approval of shareholders for issuing shares worth Rs 805 crore on preferential basis to Walt Disney.

As informed to BSE, UTV Software will hold a general meeting of the shareholders on March 17, to consider the allotment of 93.52 lakh shares to Walt Disney Company (Southeast Asia) at a price of Rs 860.79 per share aggregating to over Rs 805 crore. With this allotment Walt Disney's stake in the company would increase to 32 percent.

The company would also seek shareholders consent for allotment of 45.32 lakh convertible warrants to Unilazer Exports and Management Consultants.

The board of directors earlier in its meeting on February 16, had executed a share subscription agreement between the Walt Disney Company (Southeast Asia), UTV Software, Unilazer (Hong Kong), Rohinton Screwvala and Unilazer Exports and Management Consultant, the company said.

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