ZEEL Board okays 9X channel acquisition
The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL), at the meeting held on April 20, 2010, in principle approved the acquisition of 9X GEC business from INX Media Pvt Ltd by way of a Scheme of Arrangement, under which the 9X channel business undertaking would be demerged from INX and vested with ZEEL.
The Board of Directors of Zee Entertainment Enterprises Ltd (ZEEL), at the meeting held on April 20, 2010, in principle approved the acquisition of 9X general entertainment channel business from INX Media Pvt Ltd by way of a Scheme of Arrangement, under which the 9X channel business undertaking would be demerged from INX and vested with ZEEL.
The deal was subject to appropriate statutory and regulatory approvals. The Board would meet again on April 29, 2010 to consider the terms of the scheme, share swap ratio, appointed date, and so on.
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