Scrabble Entertainment Ltd invests Rs. 8 crores in MMSPL

Scrabble Entertainment Limited ('SEL'), a wholly owned subsidiary of UFO Moviez India Ltd, at its Board meeting held on October 12, 2020, considered and approved an investment of up to Rs. 8 crores by way of equity and/or non-cumulative optionally convertible redeemable preference shares and/or any other instruments, over a period of up to two years in Mumbai Movie Studios Private Limited ('MMSPL').

MMSPL is getting into creation and distribution of content for OTT and theatrical exhibition. Investment in MMSPL has strategic relevance for existing business of the Company.

The investment will be in phased manner in MMSPL of up to Rs. 8 crores, by way of equity and/or non-cumulative optionally convertible redeemable preference shares and/or any other instruments. In the first phase investment upto Rs.1.875 crores will be made.

Shares of UFO Moviez India Ltd was last trading in BSE at Rs.74.85 as compared to the previous close of Rs. 76.05. The total number of shares traded during the day was 13517 in over 326 trades.

The stock hit an intraday high of Rs. 77.25 and intraday low of 74.4. The net turnover during the day was Rs. 1015777.

Source : Equity Bulls

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