UTV trading underway

Shares listed at $2.90 closed at $3.075

By PATRICK FRATER

HONG KONG – Trading in the shares of India's UTV Motion Pictures got underway Monday on the Alternative Investment market section of the London Stock Exchange.

Shares were listed at $2.90 and closed the first day of trading at $3.075, a gain of 6%. At Monday closing price, the company has a market capitalization of $320 million.

Company, raised $70 million through the flotation and says it will use funds to take over a portfolio of current movies from parent company, Mumbai-based conglom UTV Software Communications, and to develop a slate of forthcoming films.