Dear Readers,

This is w.r.t. UTV Software Communications Ltd – BSE Code 532619 (Risk arbitrage recommendation for Oct’11).

The Cabinet Committee on Economic Affairs has approved the proposal of The Walt Disney (Southeast Asia) Pte Ltd, for increasing its shareholding on fully diluted basis from 48.02 per cent to 100 per cent in UTV Software Communications Ltd pursuant to the Foreign Investment Promotion Board recommendation.

So, The Walt Disney can now proceed with the delisting of the equity shares of the UTV Software.

Note: The members are requested to continue holding the shares of UTV Software bought at Rs 945. We will consider complete profit booking in case the stock reaches Rs 1050, while if it does not attain the same, then we will consider tendering our shares in the reverse book building process. We expect the discovered and exit price to be around Rs 1050-1100.

Ekansh Mittal [ekansh@katalystwealth.com]