Zee Entertainment surges on buzz of commencing due diligence process for merger with Sony Pictures Networks India
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Zee Entertainment Enterprises is currently trading at Rs. 316.55, up by 6.80 points or 2.20% from its previous closing of Rs. 309.75 on the BSE.
The scrip opened at Rs. 309.50 and has touched a high and low of Rs. 325.00 and Rs. 306.65 respectively. So far 1677206 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 362.85 on 23-Sep-2021 and a 52 week low of Rs. 166.80 on 23-Aug-2021.
Last one week high and low of the scrip stood at Rs. 325.00 and Rs. 301.35 respectively. The current market cap of the company is Rs. 30558.81 crore.
The promoters holding in the company stood at 3.99%, while Institutions and Non-Institutions held 73.31% and 22.70% respectively.
Zee Entertainment Enterprises (ZEEL) has reportedly commenced the due diligence process for its proposed merger with Sony Pictures Networks India (SPNI), a subsidiary of Japan’s Sony Corp, following a non-binding agreement signed in September.
The process of due diligence has started and is in full swing now, as the companies have to close it within the stipulated 90-day time frame.
Zee Entertainment Enterprises is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world.
