| MUMBAI:
Founder-promoter Ronnie Screwvala has allowed his rights to acquire additional
stake in UTV Software Communications to lapse, keeping his holding at 23.3 per
cent.
Screwvala-owned
Unilazer Exports and Management Consultants has decided not to convert the warrants
issued to it in March 2008 at a price of Rs 860.79 per share as the current market
rate is much lower at Rs 440. The
warrants were issued on a preferential basis to Unilazer after The Walt Disney
Company lifted its stake in UTV to 32.1 per cent. Screwvala
would have had to pay Rs 3.9 billion for the conversion of the 4.53 million warrants
into equity shares. This would have boosted Screwvala's stake in UTV to 32.3 per
cent. Disney
currently holds 59.94 per cent in UTV Software Communications.
Walt
Disney to up stake in UTV to 32%, invest Rs 9.2 billion in full deal | 
