Shares of Zee Amusement slid over 4% in very early profession today after the board of the media company authorized the merging with Sony Photo Networks India (SPNI).
The supply dove 4.65% to Rs 332.75 versus previous close of Rs 349 on BSE.Market cap of Zee Amusement was up to Rs 32,431 crore.
The supply opened up lower at Rs 347.
The supply struck 52-week high of Rs 378.60 on December 15, 2021 and also 52 week low of Rs 166.80 on August 23, 2021 on BSE.
It climbed 2.57% intra day to Rs 358 prior to coming under unfavorable area. Complete 12.60 lakh shares of the company transformed hands totaling up to turn over of Rs 43.83 crore.
Zee Amusement share is trading greater than 50 day, 100 day and also 200 day relocating standards yet less than 5 day and also 20 day relocating standards.
Previously in November, Zee MD and also Chief Executive Officer Punit Goenka had actually claimed that the recommended merging “remains in the lasts.”
According to the bargain, Sony will certainly spend $1.5 billion, and also hold 50.86 percent risk in the joined entity. Zee will certainly hold 45.15 percent risk. The joined entity’s nine-member board will certainly consist of 5 Sony execs.
The mixed entity will certainly have over 70 television networks, 2 video clip streaming solutions (ZEE5 and also Sony LIV) and also 2 movie studio (Zee Studios and also Sony Photo Films India) making it the biggest enjoyment network in India. Its closest competitor would certainly be currently Celebrity and also Disney in the Indian market.