Indian film studio UTV Motion Pictures has started trading today on London's Alternative Investment Market (AIM). The company has raised about $70m (£35m) to fund a new slate of about 30 films, both Bollywood offerings and projects made with Hollywood.

Shares rose from a placement guide of $2.90 to $3.07, putting a value on the business of about $321m.

The slate includes M Night Shyamalan's The Happening, with Fox and Shyamalan's Blinding Edge Pictures. UTV also has a deal with Will Smith's Overbrook Entertainment.

The company has made Bollywood blockbusters such as Rang De Basanti and recently made crossover films like Mira Nair's The Namesake.

Ronnie Screwvala, UTV non-executive chairman, said: 'We are delighted with the response from investors who recognise that UTV's early adoption of the Hollywood studio model will enable the company to establish a leading position in the Indian movie industry. We now have the funds to implement our strategy for rapid, profitable growth.'