UTV Software Communications has announced that pursuant to receipt by the company of all approvals, the company has exercised its right to convert its debt funding in UTV Global Broadcasting into equity shares of UGBL and UGBL has allotted 15,00,000 equity shares of Rs 10 each to the company constituting 75% of the paid up share capital of UGBL for a aggregate consideration of Rs 240 crore, pursuant to issue of shares by UGBL to the company, UGBL has become the subsidiary of the company.
Simultaneously with the issue of shares by UGBL to the company, UGBL allotted 3,00,000 equity shares to The Walt Disney Company (Southeast Asia) for an aggregate consideration of Rs 118.26 crore and the shareholding of the Disney in UGBL will be 15% of the paid up share capital of UGBL.
UGBL is the parent Company for its two wholly owned subsidiaries, Genx Entertainment and UTV Entertainment Television. Genx has already launched successfully two youth channels through the Bindass brand whilst UETL has launched the world movies channel and UTV movies channel.
The company made this announcement during the trading hours today, 08 August 2008.
Simultaneously with the issue of shares by UGBL to the company, UGBL allotted 3,00,000 equity shares to The Walt Disney Company (Southeast Asia) for an aggregate consideration of Rs 118.26 crore and the shareholding of the Disney in UGBL will be 15% of the paid up share capital of UGBL.
UGBL is the parent Company for its two wholly owned subsidiaries, Genx Entertainment and UTV Entertainment Television. Genx has already launched successfully two youth channels through the Bindass brand whilst UETL has launched the world movies channel and UTV movies channel.
The company made this announcement during the trading hours today, 08 August 2008.
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