UTV Motion raises $70 mn from UK IPO
Media and entertainment firm UTV Motion Pictures on Tuesday said it has raised 70 million dollars (around Rs 290 crore) through its listing on the Alternative Investment Market (AIM) of London Stock Exchange.
By PTI |
MUMBAI: Media and entertainment firm UTV Motion Pictures on Tuesday said it has raised 70 million dollars (around Rs 290 crore) through its listing on the Alternative Investment Market (AIM) of London Stock Exchange.
Upon listing, UTV Motion Pictures Plc, a subsidiary of UTV Software, is expected to have a market value of 309.3 million dollars (over Rs 1,200 crore) as promoters are seeking to dilute 25 per cent of its total equity base through the share-sale at 2.90 dollars apiece, a company statement said.
The Isle of Man incorporated firm today announced the book closure of its initial public offer and over 2.41 crore shares carrying a face value of 0.05 dollars each (comprising of 23.17 per cent of the equity post-issue).
UTV Motion has retained a greenshoe option to further allot 25.28 lakh shares (1.83 per cent post-issue equity) at 2.90 dollars. When exercised, this would take the total amount raised by another 7.33 million dollars (about Rs 30 crore).
The company has recently expanded from movie distribution business into production of live-action and animation movies in India and Hollywood, the company had said earlier.
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