E-Paper
Zee nod for merger of ETC Networks
Zee Entertainment Enterprises Ltd (ZEEL) has announced it will swap 10 of its shares for every 11 held in the ETC Network to merge the subsidiary with itself.
Zee Entertainment Enterprises Ltd (ZEEL) has announced it will swap 10 of its shares for every 11 held in the ETC Network to merge the subsidiary with itself.
The company board also approved the demerger of Education Business into Zee Learn Ltd. The company said its shareholders will receive one share of Zee Learn Ltd for every four shares held in the Indian television broadcaster.
The merger and the subsequent demerger is part of a restructuring programme at ZEEL approved on December 23. The merger of the ETC Networks with Zee Entertainment will be completed by March 31 and the education business will be hived off by April 1. The initiative is being seen as step to save costs. ETC Networks runs two regional-music channels. Zee Learn will comprise education and child-care business such as Kidzee, Kidzee High and others.
