Television

UFO Moviez to acquire 62.5% stake in CDPL’s Cinestaan.com

The company will invest Rs 20 crore by way of convertible instruments.

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MUMBAI: UFO Moviez is on an acquisition spree. Afer its aborted bid to merge with Qube Cinema was called off earlier this a couple of months ago, it has now  announced its intention to acquire a controlling 62.5 per cent stake  in Cinestaan Digital Pvt Ltd (CDPL) for an investment of up to Rs 20 crore by way of convertible instruments over a period of three years.

Promoted by Rohit Khattar, CDPL has a flagship product Cinestaan.com, an entertainment focussed destination which has a massive database of Indian cinema.

“CDPL's initiatives are synergetic with the UFO's, in expanding product offerings in Tier II and Tier Ill towns. CDPL too shall benefit immensely from the UFO's footprint and movie related intelligence,” a press statement published on the bourses said.

The Sanjay Gaekwad-Narendra Hete-Raaja Kanwar-promoted firm is a leader in digital distribution of cinema and has recently moved into the exhibition space as well.

A while ago, it had announced an investment of Rs 2 billion in Scrabble Entertainment while also increasing its stake from 26 per cent to 52 per cent.

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