UTV to buy gaming cos' stake for Rs 128 cr

UTV Software plans to acquire controlling stake in the UK-based Ignition Entertainment and Mumbai-based Indiagames for Rs 128 crore (Rs 1.28 billion), marking its foray into the gaming industry.

The company has entered into an arrangement with Indiagames and its promoters for acquisition of majority stake in the mobile and online gaming company for a consideration of around Rs 68 crore (Rs 680 million), UTV Software informed the Bombay Stock Exchange.

In another such exercise, UTV is reported to be in arrangement with Ignition Entertainment and its promoters for acquisition of controlling equity stake in the UK based company, involved in developing console games for around Rs 60 crore (Rs 600 million),

it added.

The company has initiated development of animation movie projects with total investments up to Rs 135 crore over a period of next three years.

Shares of the company were trading at Rs 278.50, up 0.40 per cent on the BSE.