Television

Demerged Zee Tele to start trading from 18 December

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MUMBAI: Zee Telefilms Limited (ZTL) today said that the demerged shares of the company would start trading on the stock exchanges from 18 December.

This follows the hiving off, effective 22 November, of the cable and the regional and news broadcasting businesses into Wire & Wireless India Limited (WWIL) and Zee News Limited (ZNL) respectively. WWIL and ZNL will get listed on the bourses in January, the company announced.

Demerged ZTL (including the DTH business undertaking) would continue to trade on the stock exchanges. A separate record date would be announced for the demerger of the DTH business of ZTL into ASC Enterprises Limited, to be renamed Dish TV India Limited (Dish), it was announced.

The process of getting approval for the demerger of the DTH business is under way, the release adds.

Zee Group chairman Subhash Chandra stated, "From 18th December, Zee Telefilms Limited would start trading as the demerged entity (to be renamed Zee Entertainment Enterprises Limited) and two new companies would start their journey as independently listed entities. Though the business of both WWIL and ZNL was earlier part of ZTL, they would be able to unlock greater shareholder value as independent companies."

Zee has already received approval of its demerger scheme by the Bombay High Court.

Shareholders of ZTL would receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL. As for Dish 100 shares in ZTL would translate into net 57 shares, implying effective shareholding of 57 per cent.

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