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Zeel receives shareholder nod for Reliance Broadcast Network acquisition

BENGALURU: Subhash Chandra’s Zee Entertainment Enterprises Limited (Zeel) has informed the bourses that it has received shareholder approval for the resolution for the Composite Scheme of Arrangement among Reliance Big Broadcasting Private Limited; and Big Magic Limited; and Azalia Broadcast Private Limited; and Zee Entertainment Enterprises Limited and their respective Shareholders and Creditors. At a court convened meeting held on 9 May, the company received 800,317,632 votes in favour and 1,400 votes against the resolution.

To further strengthen its entertainment genre, last year Zeel announced acquisition of the entire television business of the Anil Ambani run Reliance Broadcast Network Ltd (RBNL) including two operational channels and four TV licences. Anil Ambani’s Reliance group also agreed to sell a 49 percent stake in its radio business to Zee group entities, marking the latter’s entry into private FM radio.

At the time of filing of this report, Zeel shares were quoting at RS 503.15 each on the National Stock exchange, Rs 6.85 (+1.38 percent) higher than its opening price of Rs 496.30. The high/low for the day so far have been Rs 506.40/Rs 496.30.

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