UTV To Float New Media Co; To Raise Money From London’s AIM?

UTV is looking to raise money for its new media businesses from London’s Alternative Investment Market (AIM), reports Indiantelevision.com. The company intends to float a UK based wholly owned subsidiary comprising of its new media businesses – Ignition, Indiagames and animation – headed by UTC Software Communications COO Ronald D’Mello. Last year, UTV had bought a 51 percent stake in Indiagames for Rs. 128 crore and a 70 percent stake in UK based Ignition for around Rs. 60 crore.
Additionally, UTV is also floating a broadcasting company to handle its TV operations – for youth channel Bindass (JV with Malaysian co Astro), world cinema channel Olive, and around 8-10 channels which it plans to launch as joint ventures. Zarina Mehta will be CEO of Bindass.

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