Montreal firm CPDQ picks 30% in UTV

 CDPQ has picked up a 15.8 per cent stake through the private placement route for Rs 46 crore. It acquired the balance equity by buying out a number of investors, including Warburg Pincus.

 CDPQ controls the pension funds of all citizens of Quebec. It also has holdings in media companies all over the world and owns close to 12 per cent of MGM Hollywood.

 While, the UTV promoter group led by Ronnie Screwvala will continue to hold 40 per cent, CDPQ will hold 30 per cent, News Corp/Star 15 per cent and the balance 15 per cent by various financial investors including Mitsui of Japan and IL&FS. For UTV, this placement comes as a precursor to the possibility of an IPO next year, a press release issued by the company said.

 STAR and UTV also have a joint venture company to provide content as well as to market and distribute Tamil channel Vijay TV.

 UTV is involved in television production, animation, motion pictures production and distribution and allied content activities such as corporate ad film production and post-production studios. UTV now has a fairly good exposure on satellite TV with 'Chotti Maa' on Zee TV and 'Shagun' on Star Plus. It is also producing non-entertainment shows, such as Face to Face, on BBC. The company produces close to 19 hours of  television software a week.

 UTV was one of the media companies which had in early 2001 filed an offer document with the Securities and Exchange Board of India (Sebi) for its public issue and had plans to hit the market in March 2001. The company then decided to postpone its plans due to depressed market conditions.