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UFO Moviez Sells Stake in Mukta V N Films for ₹3.3 Crore

SEO Title

UFO Moviez Divests 48% Stake in Mukta V N Films for ₹3.3 Crore

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SEO Description

UFO Moviez sells its 48.11% stake in Mukta V N Films, ceasing all shareholding in the company. Maverick Media acquires the stake for ₹3.3 crore.

What's covered under the Article

1. UFO Moviez sells its stake in Mukta V N Films Limited to Maverick Media for ₹3.3 crore.
2. Post-transaction, UFO Moviez will no longer hold any shares or warrants in Mukta.
3. The deal is not a related party transaction and is expected to conclude by November 30, 2024.

UFO Moviez India Limited, a leading digital cinema distribution network and in-cinema advertising platform, has announced the sale of its 48.11% stake in Mukta V N Films Limited (Mukta). This strategic divestment is valued at ₹3.3 crore, and upon its conclusion, UFO Moviez will cease to hold any equity shares or warrants in Mukta.

Details of the Transaction

The sale involves the following components:

1. 30,59,950 equity shares (48.11% of Mukta’s equity) held by UFO Moviez.
2. 10 equity shares held by nominee shareholders representing a minor fraction of Mukta’s equity.
3. 2,40,000 share warrants owned by UFO Moviez.

The transaction will be executed through a Securities Purchase Agreement (SPA) between UFO Moviez, Mukta V N Films Limited, Maverick Media Private Limited (the buyer), and other stakeholders. The deal has been authorized by the Board of Directors of UFO Moviez in a meeting held on November 22, 2024, and the SPA is expected to be finalized by November 30, 2024, or a mutually agreed date.

About the Buyer

The buyer, Maverick Media Private Limited, is not associated with the promoter or promoter group of UFO Moviez. This ensures that the deal is not a related party transaction.

Financial Impact on UFO Moviez

As per the disclosures, Mukta V N Films contributed ₹2.11 crore in turnover and had a net worth of ₹5.84 crore for the financial year ending March 31, 2024. The divestment aligns with UFO Moviez's strategy to optimize its portfolio and focus on its core operations.

Regulatory Compliance

The transaction complies with:

• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, particularly Regulation 30.
• SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, detailing corporate transaction disclosures.

This sale is outside any scheme of arrangement and does not require adherence to Regulation 37A of the LODR Regulations.

Board Meeting Insights

The board meeting commenced at 9:00 a.m. and concluded at 9:35 a.m. on November 22, 2024. The Board reviewed the SPA draft and authorized the management to execute the agreement.

Strategic Outlook

The sale of Mukta V N Films aligns with UFO Moviez's long-term strategy to streamline its investments and enhance shareholder value. By ceasing its association with Mukta, the company aims to refocus resources on its primary business verticals, including digital cinema distribution and in-cinema advertising.

Conclusion

UFO Moviez's decision to divest its stake in Mukta V N Films reflects a calculated move to optimize its asset portfolio. With the deal expected to conclude by the end of November 2024, stakeholders can anticipate a leaner and more focused corporate strategy from the company. For further updates, visit UFO Moviez's official website or contact their corporate team.

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