At meeting held on 01 November 2017
The Boards of Directors of UFO Moviez India (UFO) and Qube Cinema Technologies (Qube) (formerly Real Image Media Technologies), at their meetings held on 02 November 2017, approved a Composite Scheme of Arrangement and Amalgamation (Scheme), amongst UFO, Qube, Qube Digital Cinema (Qube Digital), Moviebuff (Moviebuff) and PJSA Technosoft (PJSA), pursuant to the provisions of Section 230 to 232 and other relevant provisions of the Companies Act, 2013.Qube, Qube Digital and Moviebuff are part of the Qube group whereas PJSA is a wholly owned subsidiary of UFO.
The proposed transaction is being carried pursuant to the Scheme on the basis of which Qube's business of providing technology solutions and services in the film, video and audio domains, including digital cinema advertising will be first demerged into Qube Digital and then subsequently merged with UFO pursuant to certain intermediate steps as approved by the Boards of Directors of the aforementioned companies. The merger ratio based on relative Valuation stands at 63.6% for UFO and 36.4% for Qube Digital.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
