UTV Software to transfer film production business to subsidiary

The Board of Directors of UTV Software Communications Ltd at its meeting held on April 11, 2007, has decided to transfer / assign all or any film production agreements to which the Company is a party to a wholly owned subsidiary Company.

The company also plans to seek listing of the said subsidiary on any overseas stock exchange (including, but without limitation, the Alternative Investment Market (AIM) of the London Stock Exchange) through a initial public offering or issue of fresh shares in the said subsidiary to one or more private investors, not exceeding 25% of the shareholding of the said subsidiary at terms and pricing as discovered in the process with the help of requisite advisors.

The stock closed the day at Rs.301.4, up by Rs.9.15 or 3.13%. The stock hit an intraday high of Rs.312 and low of Rs.292. The total traded quantity was 221582 shares compared to 2 week average of 53176.

Source : Equity Bulls

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