India-based, Media and entertainment company, UTV Software Communication (USCL) said that company’s board of directors at its meeting on February 16, has approved the issuance of 93,52,500 equity shares on preferential basis to Walt Disney at Rs 860.79 per share aggregating to Rs 805 crore.

With this investment, Walt Disney will increase its stake in UTV to 32.1% on a fully diluted share capital basis. At present, Walt Disney holds 14.85% in the company while the promoters own 30.6%.

Apart from this, Disney will also invest approximately USD 30 million for a 15% stake in UTV Global Broadcasting Limited (UGBL).

In lieu, UTV Software will also invest $60 million in UGBL for a 75% stake, while the remaining shares (10 %) will continue to be held by the Unilazer and the promoter group.

However, the deal is subject to shareholder and regulatory approval - particularly from the Foreign Investment Promotion Board (FIPB).

UTV Software Communication deals in motion pictures, newmedia (gaming and animation), broadcast and television content. The company is scheduled to launch a bouquet of eight channels this year under its subsidiary, UTV Broadcasting.

The company also plans to launch its business channel in March.