Zee Entertainment Enterprises' promoter group firm Cyquator Media Services will acquire a little over 1 per cent stake in the company from Essel Media Ventures for an estimated value of Rs 516 crore.
In a regulatory filing, Zee Entertainment Enterprises said Cyquator Media Services will acquire 99.32 lakh shares or 1.03 per cent stake on October 31 or within 90 days thereafter.
Essel Media Ventures is also a part of the Zee Group.
The company said the acquisition price would not be higher by more than 25 per cent of weighted average price for a period of 60 days of Rs 519.82 per share.
Based on the weighted average price of Rs 519.82 per share, purchase of 99.32 lakh shares is estimated at Rs 516.33 crore.
Shares of Zee Entertainment Enterprises were trading 0.66 per cent higher at Rs 528.95 apiece on BSE.
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