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Moneycontrol.com >> Messageboard >> Stocks >> Zee Entertain >> NSE Announcements on Zee Entertain
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NSE Announcements on Zee Entertain (1)   29-Oct-09 12:57Track this thread   Tracked by (0)  
Posted by:   MMB Messenger on ( 29-Oct-09 12:57 )
Price : [Zee Entertain - BSE:Rs. 236.70 NSE:Rs. 91.55 when posted]
Zee Entertainment Enterprises Ltd has informed the Exchange that the Board of Directors of the Company at its meeting held on October 29, 2009: a) Approved the Scheme of Arrangement between the Company and Zee News Limited (ZNL) for acquisition / vesting of Regional General Entertainment Business undertaking comprising inter alia of 6 television channels of ZNL viz. Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada & Zee Cinemalu into the Company, with effect from January 01, 2010 being the Appointed Date under the Scheme; and b) Took on record the Valuation report submitted by Independent Valuer M/s. Grant Thorton, Chartered Accountants. c) The Board, as a consideration for the acquisition / vesting, approved the share swap in the ratio of 4 equity shares of Re 1 each of the Company for every 19 equity shares of Re 1 each held in ZNL as on the record date. The said Scheme of Arrangement shall be subject to approval of the Shareholders / Creditors of respective companies, the Honble High Court of Bombay and other statutory / regulatory authorities. Additionally, the Board also approved the appointment of Mr. Punit Goenka as the Managing Director of the Company for a period of 5 (five) years from January 01, 2010 i.e. upon expiry of his current term of office as Whole-time Director & CEO on December 31, 2009.
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