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Unilazer buys UTV Software shares worth Rs 180 cr

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Exports and Management Consultants, one of the promoters of media and entertainment firm Communications, today consolidated its stake in the company by picking up additional shares worth Rs 180 crore from another promoter group entity.

Unilazer Exports and Management Consultants bought 18,15,593 lakh shares of UTV Software Communications held by Unilazer (Hong Kong) for Rs 992 each, taking the aggregate value of the block deal to Rs 180 crore, according to data available with the National Stock Exchange.

As of the September quarter, Unilazer Exports and Management Consultants held a 9.22% stake in UTV Software Communications, while Unilazer (Hong Kong) held a 6.29% participating interest in the company.

Shares of the company closed at Rs 993.70 on the BSE today, up 0.18% from their previous close.

Last month, Walt Disney said it intends to delist UTV Software Communications by acquiring 12,215,776 equity shares (29.96%) from public shareholders. It fixed a price of Rs 835.03 to Rs 1,000 per share under the delisting offer.

The buyback offer will open on January 16 and close on January 20, 2012.

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