UTV Software Communications Ltd (USCL’s) will hold 75 per cent stake in UTV Global Broadcasting Ltd (UGBL) following USCL’s decision to convert its debt funding in UGBL into equity shares. The transaction value is estimated at Rs 240 crore.
UGBL has allotted 15 lakh equity shares of Rs 10 each, making it subsidiary of UTV Software.
Also, UGBL has issued three lakh shares of Rs 10 each to The Walt Disney Company (Southeast Asia) for Rs 118. 26 crore. Following this transaction, The Walt Disney company will hold 15 per cent stake in the company, UTV Software informed the Bombay Stock Exchange.
UGBL has two wholly owned subsidiaries, Genx Entertainment Ltd ("Genx") and UTV Entertainment Television Ltd ("UETL"). Genx has already launched two youth channels through the Bindass brand whilst UETL has launched the "World Movies channel" and "UTV Movies channel".
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