UTV shareholders approve delisting of shares

MUMBAI: UTV Software Communication said Monday its shareholders have agreed for voluntary delisting of equity shares from the stock exchanges.

UTV had asked for shareholders? approval via postal ballot for voluntary delisting following The Walt Disney?s proposal to take full control of the company and delist it.

UTV disclosed that it received a total of 25.70 million shares in favour of the proposal, out of which 4.9 million were from public shareholders. The company also received 99,738 votes from the public shareholders against the proposal of delisting.

However, the proposal was approved by 49.1:1 ratio.

On 26 July, UTV announced that the Walt Disney Company (Southest Asia) Pte is making an offer at a ceiling price of Rs 1000 per share for the remaining 49.56 per cent that will give the global media giant complete hold of UTV?s movie making, television broadcasting and gaming businesses.

Disney is going to pay Rs 20.13 billion to buy out the public shareholders and the founder-promoters.