Disney to pay up to 1,100 rupees/shr to delist UTV

Walt Disney Co , which owns a controlling stake in UTV Software Communications Ltd, will acquire the latter's shares at or below 1,100 rupees, according to a public announcement in the Economic Times newspaper.

The U.S. company earlier said it would pay 835.03 rupees to 1,000 rupees a share for the acquisition.

Walt Disney has received "adequate shares" at or below 1,100 rupees, the entertainment conglomerate said, adding that its stake would exceed 90% of UTV's share capital if it accepts these shares.

Walt Disney will start the process to delist UTV shares from local stock exchanges after February 6, according to the announcement.

Ronnie Screwala, the chief executive of UTV, has been named the managing director of the Walt Disney Company India, the U.S. company had said on Wednesday.

UTV produces television content in India with distribution in20 countries across 27 channels. It also owns six channels. Disney currently owns India's kids' television networks Disney Channel, Disney XD and Hungama.