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Essel Corp to acquire 1.15 pct stake in ZEEL for INR 610 cr

Essel Corporate will buy the stake from Essel International.

PTI India
Updated: 20-07-2018 13:19 IST

Essel Corporate LLP plans to acquire 1.1 crore shares, or 1.15 per cent stake, of Zee Entertainment Enterprises (ZEEL) from another promotor group entity at an estimated price of over Rs 610 crore. Essel Corporate will buy the stake from Essel International.

Post completion of the transaction, Essel Corporate's stake in ZEEL will be 2.63 per cent. "Essel Corporate LLP (formerly known as Allore

Enterprises LLP) propose to acquire 1,10,00,000 shares of ZEEL on..July 26, 2018 or any day thereafter within a period of 90 days by way of on-market inter-se transfer of shares amongst the promoter group," Essel Corporate said in a regulatory filing.

Essel Corporate said shares are proposed to be acquired at the prevailing price on the date of acquisition.

However, it added that the acquisition price would not be more than 25 per cent of Rs 554.87 per share, which is the weighted average market price for a period of 60 trading days preceding its notice issued today.

At the indicated price, the transaction is estimated to be around Rs 610.35 crore.

After the proposed transaction, Essel International's stake in ZEEL will be 1.25 per cent. Shares of ZEEL were trading at Rs 516.15 apiece, down 0.84 per cent on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)