Zee Entertainment Enterprises (ZEE) share price touched a 52-week high of Rs 355.40, gaining 39 percent intraday on September 22 after the company signed a merger deal with Sony Pictures India. The share was trading with volumes of 7,183,609 shares, compared to its five day average of 3,214,663 shares, an increase of 123.46 percent and compared to its thirty day average of 1,125,039 shares, and an increase of 538.52 percent.
The Board of Directors of ZEEL at its meeting held on September 22, 2021, has approved the implementation of a non-binding term sheet (Termsheet) with Sony Pictures Networks India Private Limited (Sony India), in relation to a possible transaction involving a composite scheme of arrangement for the merger of the Company and Sony India and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger,” the company said in a press release. Post merger, 47.07 percent stake will be held by shareholders of Zee Entertainment, while Sony Pictures Networks will hold a 52.93 percent stake in the merged existence.
