Disney plans buyback of UTV shares

After agreeing to acquire Indian media company UTV Software Communications earlier this year, Walt Disney said it plans to buy back some 30 percent of the company's stock from shareholders to increase its stake to around 80 percent, India's Economic Times newspaper reports.

It also intends to buy the remaining 20 percent from the RS Group, the paper said.

The fixed price for the buyback was set at 835.03-1,000 rupees per share.

In a 2007 article for Newsweek, I argued that UTV's promoter, Ronnie Screwvala, was the frontrunner to become Bollywood's Jack Warner (though he was already making big moves in TV and videogames).

So what will he do with all that cash?