Zee Entertainment Enterprises’ promoter group firm Cyquator Media Services will acquire a little over 1 per cent stake in the company from Essel Media Ventures for an estimated value of Rs 516 crore. The promoter group firm will acquire 99.32 lakh shares or 1.03% stake in the company on October 31 or within 90 days thereafter. Essel Media Ventures is also a part of the Zee Group.
The acquisition price would not be higher by more than 25% of weighted average price for a period of 60 days of Rs 519.82 per share.
Zee Entertainment Enterprises is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world.
