Dec 13, 2006

Zee's demerged shares to start trading from Dec 18

Zee Telefilms (ZTL) on Wednesday said demerged shares of the company, after hiving off the news and cable businesses, will start trading on the stock exchanges from December 18 while the new entities would be listed in January.
From December 18, ZTL 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," company Chairman Subhash Chandra said in a statement.

As per the scheme of demerger approved by the Bombay High Court, ZTL has demerged its cable undertaking into Wire & Wireless India Limited (WWIL) and the regional and news broadcasting undertaking into Zee News Limited (ZNL).

Shareholders of ZTL would receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL. "Both companies would be listed independently, after relevant approvals from the stock exchange. Listing is likely in January 2007," the company said.

It said the demerged ZTL (including the Direct Consumer business undertaking) would continue to trade on the stock exchanges. "A separate record date would be announced for the demerger of Direct Consumer Business of ZTL into ASC Enterprises Limited, to be renamed Dish TV India Limited," ZTL said.

No comments: