UTV Motion Pictures lists on LSE market

Mumbai, July 2 (IANS) UTV Motion Pictures, a subsidiary of UTV Software Communications Ltd that churned out Bollywood hits like "Rang De Basanti", Monday listed on the Alternative Investment Market (AIM), part of the London Stock Exchange (LSE).

The company has raised $70 million gross after placement of new ordinary shares with investors in Britain, Europe and Asia, valuing UTV Motion Pictures at a staggering $309.3 million at the IPO price.

"We are delighted with the response from investors who recognise that UTV's early adoption of the Hollywood studio model will enable the company to establish a leading position in the Indian movie industry. We now have the funds to implement our strategy for rapid, profitable growth," said UTV CEO Ronnie Screwvala.

The money will be used to fund future national and international projects of the company, including Hollywood based Indian filmmaker Night Shyamlan's next project, mega epic "Jodha-Abkar" and two films with Hollywood actor Will Smith.

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Rang De Basanti