The Hindu Business Line : UTV seeks FIPB nod for raising funds

New Delhi, Jan. 12 UTV Software Communications has sought FIPB approval for issue of up to 20 per cent of its equity share capital to non-residents by way of FCCBs, ADRs, GDRs or by undertaking a Qualified Institutional Placement (QIP), for an aggregate value of up to Rs 400 crore.

UTV — which is primarily engaged in the business of film distribution, content development and distribution and animation productions — is proposing new broadcasting businesses. The ventures would be focused on general entertainment (not news or current affairs) channels. The total paid up share capital of the company is Rs 22.89 crore, consisting of 2.28 crore equity shares of face value of Rs 10 each. When contacted, a company spokesperson said, “We reiterate our position which has been consistent for a while that UTV is looking at raising funding both at a parent company level and for its broadcasting ventures going forward and is talking to a number of financial and/or strategic market players. Any regulatory submission will be consistent with that.”

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