Shares of Zee Media Corporation added nearly 5 percent intraday Friday as company approved sale of its stake in subsidiary company.
The company board at its meeting held on June 28 approved sale of its entire equity stake comprising of 4 crore equity shares of Re 1 each, in its wholly owned subsidiary Ez-Mall Online to Altilis Technologies, a Promoter group entity, at an aggregate consideration of Rs 8.60 crore.
It also approved substitution of company's investment of Rs 21.50 crore in the optionally convertible debentures of Ez-Mall into non-convertible debentures of equivalent value of Ez-Mall.
The transaction does not require execution of any agreement. The said sale is expected to conclude within 7 working days.
The proposed transaction does not require any regulatory approval.
The company’s annual general meeting (AGM) to be held on July 20, 2018.
At 11:45 hrs Zee Media Corporation was quoting at Rs 25.45, up Rs 0.65, or 2.62 percent on the BSE.
Posted by Rakesh PatilDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
