Zee News, WWIL to list by February 2007; Dish TV likely by March

MUMBAI: Zee Telefilms Ltd (ZTL) expects its two demerged entities, Wire & Wireless India Ltd (WWIL) and Zee News Ltd, to be listed by February 2007. This follows the approval of the demerger scheme by the Bombay High Court.

The listing of Dish TV, Zee's demerged direct-to-home (DTH) business, is likely to be by March. The scheme relating to the de-merger of DTH has not yet been listed for hearing at the Bombay Stock Exchange or in the Delhi Stock Exchange and will take some time. The listing date will be known only after the court gives the nod.

"WWIL and Zee News Ltd should list by February 2007. We expect to list Dish TV by March," says Essel Group CEO, corporate strategy and finance, Rajiv Garg.

ZTL today announced the approval of its demerger scheme by the Bombay High Court. This paves the way for setting the record date for the demerger of the cable distribution and news and regional broadcasting businesses of Zee into WWIL and ZNL respectively.

The Record Date is likely to fall in the latter half of December.

The shareholders of Zee as on the Record Date shall be allotted shares in WWIL and Zee News. The respective companies would then be applying for listing of such shares to the BSE, NSE and CSE, in compliance with SEBI guidelines.

Zee expects this process to be completed by February 2007.

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