The ZEEL-Sony merger has been approved by the NCLT and is expected to provide a big boost for Zee shareholders, as all the objections regarding the deal have been rejected.
In major news for all the shareholders of Zee, the Zee Entertainment Enterprise Limited (ZEEL) and Sony merger has been approved by the NCLT. The business merger went through after NCLT rejected all the objections regarding the deal.
While the detailed copy of the order will be released by the companies on Friday, this proves to be very good news for all the shareholders of Zee as the shares of the company have seen a boost of 16 percent since the news of the merger was announced.
The merger between Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India has been approved by the entertainment boards of both companies. Previously, many companies had submitted applications for obstructions in the merger.
Approving the ZEEL-Sony deal, the NCLT ended up rejecting the objections of major firms such as IDBI Trusteeship, JC Flowers, and Axis Finance. It must be noted that Sony will be the biggest stakeholder of the merger and after the deal goes through, the new company will be listed on the Indian stock market.
In the current situation, the share of the shareholders of ZEEL is 61.25%. There will be a change in this stake after an investment of USD 15.75 million. After this, the stake of ZEEL shareholders will be around 47.07 percent while that of Sony will be around 52.93 percent.
It is reported that the revenue of the new company is expected to be over USD 2 billion. This new merger is expected to give a boost to both Sony and ZEEL.
The merger between Zee Entertainment-Sony Pictures Networks India was announced on 22 September 2021. Rs 11,605.94 crore will be invested in the company formed after the ZEEL-Sony merger. The merger company will be listed in the stock market.
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 "ZEEL-Sony merger approved by NCLT; objections linked to deal rejected, good news for shareholders")
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