ZEE share price Stock of Zee Entertainment increased by 39% when the company agreed to combine with Sony Pictures India.
Zee Entertainment Enterprises and Sony Pictures Network India (SPNI) will merge, with the former’s promoters receiving an additional 2% stake as part of a non-compete agreement, while Punit Goenka’s appointment as MD and CEO of the merged entity was a “integral” part of the deal, Zee investors were informed on Wednesday. In a conference call with investors, MD and CEO Goenka of Zee Entertainment (ZEEL NSE 31.72 percent) stated that the company’s co…
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https://economictimes.indiatimes.com/markets/stocks/news/Zeedoos to Get 2 Additional Shares In Merged Entity For Non Compete Clause/ArticleShow/86434211.CMS?UTM Source=ContentofInterest&Utm Medium=Text&Utm Campai
After signing a merger agreement with Sony Pictures India, Zee Entertainment Enterprises (ZEE) saw its share price hit a 52-week high of Rs 355.40 on September 22, gaining 39% intraday.
Compared to its five-day average volume of 3,214.663 shares, up 123.46 percent, and compared to its thirty-day average volume of 1,125.039 shares, up 538.52 percent, the stock traded with 7,183.609 shares.
“The ZEEL Board of Directors has authorised the execution of a non-binding term sheet (Termsheet) with Sony Pictures Networks India Private Limited (Sony India), in respect to a possible transaction involving a composite schemePlanned investment by promoters of Sony India into Sony India to support the merger of the two companies,” according to a news statement from the business.
Sony Pictures Networks and Zee Entertainment will own 47.07 percent and 52.93 percent of the amalgamated company, respectively.After signing the Termsheet, the business and Sony India have agreed to a 90-day term of contractual exclusivity.