UFO Moviez India Limited raises stake in Cinestaan Digital Pvt Ltd to 27.73%

The Board of Directors of UFO Moviez India Limited had earlier approved an investment of up to Rs.20 crores by way of convertible instruments over a period of three years in Cinestaan Digital Private Limited (CDPL). Accordingly, the Company had subscribed for 11,53,026 Compulsory Convertible Preference Shares (CCPS) of Rs. 40 each aggregating to Rs. 4,61,21,040/-. The Company had also subscribed for 38,78,976 warrants of Re. 1 each, convertible into same number of equity shares of Re. 1 each of CDPL.

The Company had exercised 3,50,000 warrants in May 2020 and had converted the same into 3,50,000 equity shares of CDPL and converted 11,53,026 CCPS into 11,62,618 equity shares of CDPL. Further, in August 26, 2020, the Company had exercised 3,62,037 warrants by making payment of Rs. 1,39,99,971/- @ Rs 38.67 per warrant to CDPL.

The Company has on November 27, 2020 exercised 2,84,459 warrants by making payment of Rs. 1,10,00,030/- @ Rs 38.67 per warrant to CDPL.

The Board of CDPL has approved conversion of 2,84,459 warrants into 2,84,459 equity shares of CDPL. Post the aforesaid conversions, the Company holds 27.73% voting rights in CDPL.

CDPL is in the business of media and entertainment and owns and operates digital platform Cinestaan.com and other products.

Shares of UFO Moviez India Ltd was last trading in BSE at Rs.77.8 as compared to the previous close of Rs. 76.95. The total number of shares traded during the day was 10622 in over 300 trades.

The stock hit an intraday high of Rs. 78.8 and intraday low of 76.55. The net turnover during the day was Rs. 825757.

Source : Equity Bulls

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