UFO Moviez, as part of the focus on data analytics towards enhancing -the business of cinema, announced that it has identified a promising opportunity in Cinestaan Digital Pvt Limited (CDPL), a company promoted by Mr. Rohit Khattar. Its flagship product Cinestaan.com, an entertainment focussed destination, has a massive database of Indian cinema.
CDPL's initiatives are synergetic with the Company's, in expanding product offerings in Tier II and Tier Ill towns. CDPL too shall benefit immensely from the Company's footprint and movie related intelligence. The management of the Company believes that the proposed transaction synergizes both businesses to create a winRing proposition in the market.
The Board of Directors of the Company at its meeting held on December 20, 2019 has inter alia approved an investment ofup to Rs20cr by way ofconvertible instruments over a period ofthree years in CDPL.
UFO Moviez India Ltd is currently trading at Rs124 up by Rs1.2 or 0.98% from its previous closing of Rs122.80 on the BSE.
The scrip opened at Rs125 and has touched a high and low of Rs126 and Rs124 respectively. So far 6,819 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs348.15cr.
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