UTV Motion Pictures IPO raises $70 mil

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NEW DELHI -- Diversified Mumbai-based media company UTV Software Communications announced Tuesday the "book closure" of the initial public offering on London's Alternative Investment Market of its UTV Motion Pictures plc film unit.

A UTV spokesperson said Tuesday that the listing "will take place in June, possibly next week."

UTVM closed the book on the allotment of 24.1 million equity shares of $0.05 each (comprising 23.2% of the post allotment equity) at $ 2.90 per share, raising $70 million, which puts a market valuation of $309.3 million on the film company.

In addition, UTVM also has retained a greenshoe option to further allot 2.5 million shares at $2.90 per share. Post issue of the greenshoe option, UTVM would in aggregate raise $77.3 million with 25% dilution, with the company holding the remaining 75%.

London-based Grant Thornton U.K. LLP is nominated advisor to the issue.
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