Key Decision
The Board of Directors of UFO Moviez India Limited, at its meeting held on August 19, 2026 (commencing at 4:30 p.m. and concluding at 4:45 p.m.), approved the disinvestment of 90% stake in Upmarch Media Network Private Limited ("Upmarch"), a wholly owned non-material subsidiary of the Company, to Dr. Sunil Patil. UFO will retain the remaining 10% stake in Upmarch.
Subsidiary Background
Upmarch was incorporated on August 22, 2023 for specific purposes. No business operations have been carried out in Upmarch since incorporation till date.
Financial Impact and Consideration
- Transaction Value: The disinvestment involves transfer of 180,000 equity shares (90% stake) at face value of ₹10 each, aggregating to ₹18 lakhs.
- Share Capital: Upmarch has a paid-up capital of ₹20 lakhs divided into 200,000 equity shares of ₹10 each.
- Financial Contribution: For the financial year ended March 31, 2026, Upmarch contributed:
- Turnover: Nil (0% of consolidated turnover)
- Net Worth: ₹17.61 lakhs (0.05% of consolidated net worth)
Transaction Details
- Buyer: Dr. Sunil Patil ("Purchaser")
- Related Party Status: The Purchaser is not related to the promoter/promoter group/group companies of UFO Moviez in any manner.
- Transaction Type: Not a related party transaction and conducted at arm's length.
- Expected Completion Date: September 18, 2026
- Agreement Status: The Board has granted approval for disinvestment. The Company intends to execute the transfer in due course.
Post-Transaction Status
Upon completion of the transfer process, Upmarch will cease to be a subsidiary of UFO Moviez India Limited.
Additional Information
The information will be made available on the Company's website at https://www.ufomoviez.com.