Zee Telefilms Ltd on Friday announced the approval of its demerger scheme by the Bombay High Court. This approval has paved the way for setting the record date for the demerger of the cable and distribution into Wire & Wireless India Ltd (WWIL) and news and regional broadcasting businesses into Zee News Ltd (ZNL).
The record date is likely to fall in the later half of December.
Shareholders of Zee as on the record date shall be allotted shares in WWIL and Zee. The respective companies would then be applying for listing of such shares to the BSE, NSE and CSE in compliance with SEBI guidelines. Zee expects this process to be completed by February 2007.
Zee Telefilms stock closed at Rs 336.05 with a marginal increase of 0.9 per cent opening at Rs 334.90 on November 17.