On September 22, Zee Entertainment Enterprises (ZEE) shares were marked at 20 percent upper circuit intraday after a merge deal with Sony Pictures India signed by ZEE company. With no more sellers that were available, the pending buy orders touched 736,166 shares and a high of Rs 306.75 in 52 weeks.
In a Press Release, ZEE said, “On September 22, 2021, the group of Board of Directors of ZEEL at its meeting has permitted the execution of a non-binding term sheet (Termsheet) with Sony Pictures Networks India Private Limited (Sony India), in relation to a potential transaction involving a composite scheme of arrangement for the merger of the Company and Sony India and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger.”
ZEE entertainment will hold shareholders stake of 47.07 percent, on the other hand, a 52.93 percent stake in the merged entity will be held by Sony Pictures Networks.
According to the statement of the company, Punit Goenka will be MD & CEO of the merged company for five years. The business will be managed and controlled by the board of both the company, it has been agreed by the ZEE and Sony India from the date of the Termsheet to a binding exclusivity for 90 days. Zee Entertainment Enterprises was marking at Rs 306.75, up to Rs 51.10, or 19.99 percent on the BSE.
On 15 September 2021 and 23 August 2021 the shares of ZEE touched a week high of Rs 295.15 and a 52-week low of Rs 166.80, currently, the ZEE is trading at 4.73 percent lower than its 52-week high and 68.59 percent above its 52-week low.