The share price of ZEE touched Rs 314.50 up 24.1% since last week from Rs 256.8 on September 16. The spike is seen in the wake of ZEE signing the merger deal with Sony Pictures India. The price has touched a 52-week high of Rs 306.75.
The ZEEL Board of Directors signed approval for the merger between SPNI and ZEEL today. The two companies will execute a non-binding term sheet for the merger between the two companies and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger. The company and Sony India have agreed to a binding exclusivity for a period of 90 days from the date of the Term sheet.
Punit Goenka has been proposed as the MD and CEO of the merged entity.
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