MUMBAI: Morgan Stanley has submitted the delisting copy where Walt Disney intends to acquire 12,215,776 equity shares from the public shareholders of UTV Software Communications.

The Walt Disney Company has offered to pay Rs 835.03-1,000 per share to the shareholders to buy the remaining 49.56 per cent of UTV, which it does not already own. The offer will be open till 20 January.

Disney currently owns 20,497,994 equity shares (50.44 per cent stake) of UTV Software. In July 2011, The Walt Disney Company had conveyed its intention to take full control of UTV Software Communications.

Ronnie Screwvala and Zarina Mehta together hold 8,053,480 equity shares, equivalent to 19.82 per cent stake in the company taking the aggregate promoter holding in the company to 70.26 per cent of its current paid up equity share capital.

Post delisting, Disney expects to hold 80.25 per cent stake in the company, if it successfully acquires the shares of all public stakeholders. The remaining equity, meanwhile, will be held by UTV?s promoter group - Ronnie Screwvala.

MUMBAI: Walt Disney has got the clearance from the Competition Commission of India (CCI) to buy out the shares of UTV Software Communications from the founder-promoters and the other shareholders in a deal pegged at Rs 20 billion.

The CCI approved the proposal as "it is not likely to have any appreciable adverse effect on competition". Disney wants to delist UTV from the stock exchanges.

UTV had approached the Commission on 1 August.

Quoting the CCI order, PTI reported: "Based on the facts on record and the notice of the proposed combination filed by the acquirer [Walt Disney] under sub-section [2] of section 6 of the Competition Act, and the examination of the businesses involved....The Commission, hereby, approves the proposed combination."

The CCI further observed that while the Disney Group was in the business of character merchandising and publishing through Disney India, the UTV Group was engaged in broadcasting, the PTI reported.

Currently, Walt Disney is the majority shareholder in UTV Software Communications with 20,497,994 equity shares, accounting for a 50.44 per cent stake.

The company?s board has approved the delisting proposal and the acquisition of shares from the public at a price not exceeding Rs 1000 per equity share.