UTV gets shareholders' approval to delist from bourses

Media and entertainment company UTV Software Communications today said its public shareholders have approved the proposal to delist the company's shares from Indian bourses.

In July this year, Walt Disney Co had offered to buy out stakes held by public shareholders and promoters of UTV in a deal valued around Rs 2,000 crore.

It had said then that UTV would be delisted from both the Bombay Stock Exchange and the National Stock Exchange subsequently.

In a filing to the Bombay Stock Exchange, UTV Software Communications said 99.61 per cent of valid votes cast by public shareholders were in favour of the resolution.

While 2.57 crore votes were cast assenting the special resolution through a postal ballot, 99,738 votes were in dissent of the special resolution, it said.

UTV's board of directors has already approved the delisting offer and acquiring shares from public at a price not exceeding Rs 1,000 per equity share.

Post delisting, Walt Disney will also acquire 80.53 lakh equity shares representing 19.82% of the current paid up equity share capital from UTV's other promoters.

The company's other promoters include Rohinton Screwvala, Unilazer Exports and Management Consultants Ltd, Unilazer (Hong Kong) Ltd and Zarina Mehta.

UTV operates in five verticals -- broadcasting, games, motion pictures, digital content and television content.

Shares of UTV closed at Rs 961.20 a piece, up 1.73% from its previous close on the BSE.