UFO Moviez spikes up by 7 per cent
The stock of UFO Moviez surged during the first half of Tuesday's trade as the company's non-promoters investors agreed to sell stakes in Qube Digital to UFO and ICICI Ventures at a lower price.
UFO Moviez and Qube Cinema had decided to merge their businesses in November 2017. The selling stakeholders of Qube Digital Cinema Private Limited, i.e. Nomura Asia Investment (MB), CSI BD (Mauritius), Intel Capital Corp. and/or Streetedge Capital LP have agreed to reduce the price of transfer of shares to buyers UFO and ICICI Ventures (India Advantage Fund S4 I). The earlier agreed upon price was Rs. 302.65 per share which is now revised to Rs. 264.88 per share.
Qube Cinema is a provider of end-to-end digital cinema technologies and has a strong base in the southern part of India, whereas UFO Moviez has a good presence in northern India. Post-merger, UFO will be able to expand its pan-India entertainment and advertisement offerings.
At 12:43, the stock of UFO Moviez was quoting Rs. 273.95 per share, up by Rs. 18.50 or 7.24 per cent on Wednesday. While the benchmark index BSE Sensex was at 35,513.34, up by 363.33 or 1.03 per cent.