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Zee Telefilms renamed Zee Entertainment

Subhash Chandra-led Zee group announced nomenclatures of new entities formed as part of business restructuring.

india Updated: Apr 28, 2006 16:45 IST

Subhash Chandra-led Zee group on Friday announced nomenclatures of new entities formed as part of business restructuring which divided operations into three areas -- news operations, broadcast and content creation and Siti Cable.

While Zee Telefilms will be renamed Zee Entertainment Enterprises Ltd (ZEEL), ASC Enterprises which manages the group's DTH business will be known as Dish TV Ltd, a spokesperson for the company said.

In late March, Zee group had announced a major restructuring of its business, clearing hiving off of news and regional language channels and the cable distribution arm as separate companies which would be subsequently listed on the stock exchanges.

The company's Board on Friday approved demerger of direct consumer services business into ASC Enterprises. Zee Telefilms' two subsidiaries, Siti Cable Network and New Era Entertainment will be merged in to ASC, the company informed the Bombay Stock Exchange.

After restructuring, shareholders of Zee Telefilms would get 23 shares of the face value of Re one each of ASC for every 10 shares. "There will not be any issue of shares consequent to the merger and demerger as both Siti Cable and NEENL will become wholly-owned subsidiaries of ASC," the statement said.