Disney buys out Ronnie Screwvala’s stake

Disney buys out Ronnie Screwvala’s stake


Insearchindia.com Team

(3 February 2012 11:15 pm)


MUMBAI: The Walt Disney Company (South East Asia) Pte Ltd (TWDC SEA) has bought out all the shares of Ronnie Screwvala and Unilazer and Unilazer HK in UTV Software Communications.

Screwvala and his associates, who were holding 8.053 million shares, or 19.82 per cent of the media company, will take home Rs 8.05 billion after exiting.

The shareholders' agreement between Screwvala, Unilazer Exports and Management Consultants Ltd, Unilazer Hong Kong Ltd and TWDC SEA has been terminated with effect from 2 February, UTV said.

In July last year, UTV had announced that Disney has offered to buy out all the shares of UTV, which it already does not own, for Rs 20 billion approximately.

The deal got approval of the Cabinet Committee on Economic Affairs (CCEA) in December last year.

As of 31 December, the promoter and promoter group shareholding in UTV stood at 70.04 per cent, including 50.28 per cent owned by Walt Disney Company (South East Asia) Pte Ltd.

Screwvala ceases to be UTV managing director but will continue as a whole time director. He takes over as Walt Disney Company India as managing director.

UTV shares closed Friday at Rs 1,061 per share, down 0.57 per cent on the BSE.