Zee Media Corporation Ltd (ZMCL) will acquire the balance 40% stake in subsidiary Zee Akaash News for a cash consideration of Rs 49 crore. The company held 60% stake in Zee Akaash News, which owns and operates Bengali news channel 24 Ghanta.
The 40% equity stake comprising 15,99,998 equity shares was held by Sky B Bangla. ZMCL will effectively pay Rs 306.25 a share to Sky B Bangla for taking complete control of Zee Akaash News.
The acquisition, which was given in-principle approval by the board of directors of the company, is expected to be concluded within 120 days. According to the company, the acquisition has been to facilitate the consolidation of the regional news channel portfolio.
The proposed acquisition would be subject to requisite intimation relating to change in shareholding of Zee Akaash News to the ministry of information and broadcasting (MIB).
“The Board of Directors of the Company at the meeting held on February 1, 2018, accorded its in-principle approval for acquisition of balance 40% equity stake in Company’s 60% subsidiary Zee Akaash News Pvt Ltd at all cash consideration of Rs 490 million. Aforesaid consideration shall exclude Dividend if any as may be declared by the subsidiary before the conclusion of the transaction,” the company said in a filing to the BSE.
Zee Media to acquire balance 40% stake in Zee Akaash News for Rs 49 cr
ZEE MEDIA EARNINGS RELEASE FOR THE THIRD QUARTER ENDED DECEMBER 31, 2017
The 40% equity stake comprising 15,99,998 equity shares was held by Sky B Bangla. ZMCL will effectively pay Rs 306.25 a share to Sky B Bangla for taking complete control of Zee Akaash News.
The acquisition, which was given in-principle approval by the board of directors of the company, is expected to be concluded within 120 days. According to the company, the acquisition has been to facilitate the consolidation of the regional news channel portfolio.
The proposed acquisition would be subject to requisite intimation relating to change in shareholding of Zee Akaash News to the ministry of information and broadcasting (MIB).
“The Board of Directors of the Company at the meeting held on February 1, 2018, accorded its in-principle approval for acquisition of balance 40% equity stake in Company’s 60% subsidiary Zee Akaash News Pvt Ltd at all cash consideration of Rs 490 million. Aforesaid consideration shall exclude Dividend if any as may be declared by the subsidiary before the conclusion of the transaction,” the company said in a filing to the BSE.
Zee Media to acquire balance 40% stake in Zee Akaash News for Rs 49 cr
ZEE MEDIA EARNINGS RELEASE FOR THE THIRD QUARTER ENDED DECEMBER 31, 2017
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