ETC board okays share-swap ratio for merger

MUMBAI: The boards of ETC Networks Ltd and Econnect India Ltd (EIL) have approved the share swap ratio for the merger of the two companies in their board meetings held on 2 January 2004, ETC informed the Bombay Stock Exchange.


Earlier, in a meeting held on 15 December 2003, the Zee Telefilms Ltd (ZTL) board had approved the merger of ETC Networks with another ZTL subsidiary Econnect India Ltd (EIL).

Under the approved share swap arrangement, the ETC shareholders will be entitled to three Econnect equity shares of Rs 10 each fully paid up against every ETC equity share of Rs 10 each fully paid up held by them.

However, to rationalise the resultant share capital of the merged entity EIL, the share capital of EIL will be re-organised by consolidating three shares of Rs 10 each fully paid up into one equity share of Rs 10 each fully paid up.

This means that once the amalgamation and capital restructuring of ETC and EIL are completed, the shareholders of ETC would be issued and allotted one Econnect equity share of Rs 10 each fully paid up for every equity share of Rs 10 each fully paid up held by them, that is, in the ratio of 1:1.

The name of the merged entity would then be changed to ETC Networks Ltd. The merger process is expected to be completed within a period of four-five months.

The proposed merger is subject to the approval of shareholders of the company and the Hon'ble High Courts of Judicature at Bombay and Delhi.

Latest Reads
Star Sports unveils #BattleofSixes campaign for the upcoming PAYTM India- West Indies ODI and T20 series

This festive season is set to take cricket fans by storm as the battle of sixes begins with India taking on West Indies in the PAYTM ODI and T20 series, starting Oct 21st and November 4th, 2018 respectively.

Television TV Channels Sports
LaLiga Football Schools launch in Kerala

LaLiga, Spain’s top football league, recently launched the LaLiga Football Schools in India. It is a comprehensive grassroots football development programme in association with India On Track

Television TV Channels Sports
Triple gold medalist and former autralian olympic swimmer, stephanie rice debuts as an expert presenter on vivo pro kabaddi season vi in india

This season Star Sports, the official broadcaster for VIVO Pro Kabaddi League 2018 lifts the spirit of the game a notch higher with the announcement of three - time Olympic Gold medallist, Stephanie Rice, as an addition to the illustrious expert panel.

Television TV Channels Sports
IndiaCast rejigs revenue top brass in bid to grow across markets, platforms

In a move aimed at synergizing processes and business opportunities to scale up revenues, IndiaCast, the domestic, international and digital distribution arm of Viacom18 and TV18, today, announced an organizational rejig of its revenue management structure.

Television TV Channels People
Sun TV, Star Maa only non-Hindi GEC channels in across genre list

For the second consecutive week in a row, the Sun TV Network’s flagship Tamil GEC and Star India’s flagship Telugu GEC Star Maa were the only non-Hindi GEC channels in Broadcast Audience Research Council of India (BARC) weekly list of top 10 channels across genre.

Television TV Channels Viewership
Infotainment genre’s steady shift towards localisation

It’s home! That’s the cry that almost every broadcaster is uttering today when it comes to wooing viewers with content. Even as kids’, lifestyle and GECs are witnessing an uptake in local content, the infotainment genre isn’t going to be left behind.

Television TV Channels Specialised and Niche
Amazon most advertised brand in BARC week 41

The Broadcast Audience Research Council (BARC) India has released its data for last week’s top advertisers and brands between 6-12 October 2018. The data is a reflection of top 10 advertiser and brands across genre on Indian television (U+R) : 2+ Individuals.

Television TV Channels Viewership
No changes in Bhojpuri, Kannada, Marathi segments in BARC week 41

In the Bengali space, Jalsha Movies and Colors Bangla swapped their third and fourth positions in BARC data week 41. No changes were observed in the Bhojpuri, Kannada and Marathi segments. Moreover, Gemini TV and Zee Telugu swapped their second and third positions in the Telugu sector. Flowers TV...

Television TV Channels Viewership
Anil Ambani’s Reliance sues NDTV for Rs 10,000 cr

NDTV has been sued for Rs 10,000 crore by Anil Ambani's Reliance Group in an Ahmedabad court for its reportage on the Rafale fighter jet deal. The lawsuit is filed against NDTV's weekly show, Truth vs Hype, which aired on 29 September.

Television TV Channels News Broadcasting

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories