UTV Software Communications Ltd. said on Tuesday it has not received any proposal from The Walt Disney Co. to increase the latter's stake in the Indian media firm.
The company was responding to media reports suggesting Disney may increase its stake in UTV Software, likely triggering an open offer that could lead to the firm's delisting from Indian bourses.
"Presently, no such delisting proposal has been received by the company from its promoter shareholder," the company said in a statement to the NSE.
On Monday, shares of UTV had risen as much as 12 per cent to a 52-week high on market talk that Disney is planning to raise its holding in the company.
Disney currently owns 50.44 per cent in UTV Software.