 "UFO Moviez sells its entire stake in associate company Mukta V N Films")
UFO Moviez India, an Indian digital cinema distribution network and in-cinema advertising platform, on Monday completed the sale of 30,59,950 equity shares in its associate company, Mukta V N Films, a film programming company, as per the former’s stock exchange filing.
The financial details were not disclosed in the filing. Additionally, UFO Moviez also sold 2,40,000 share warrants of Mukta V N Films.
Maverick Media, a digital marketing agency, bought 48.11242 per cent of the equity share capital sold by UFO Moviez India. The board of directors of UFO Moviez India “had approved the execution of the Securities Purchase Agreement (SPA)” on November 22, along with 10 equity shares held by nominee shareholders.
“Pursuant to the completion of the transaction, Mukta ceases to be an associate of the company with effect from December 23, 2024,” said the company in a statement.
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