 | « Back to article | Print this article |
Zee Telefilms said on Wednesday demerged shares of the company, after hiving off the news and cable businesses, will start trading on the stock exchanges from December 18 while the new entities would be listed in January.
"From December 18, ZTL would start trading as the demerged entity (to be renamed Zee Entertainment Enterprises Limited) and two new companies would start their journey as independently listed entities," company Chairman Subhash Chandra said in a statement.
As per the scheme of demerger approved by the Bombay High Court, ZTL has demerged its cable undertaking into Wire & Wireless India Limited and the regional and news broadcasting undertaking into Zee News Limited.
"Though the business of both WWIL and ZNL was earlier part of ZTL, they would be able to unlock greater shareholder value as independent companies," Chandra said.
The appointed date for the demerger was March 31 and the scheme became effective on November 22, the company said, adding that the book closure date for determining eligibility for issuance of equity shares would be from December 24 to 28.
Shareholders of ZTL would receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL.
"Both companies would be listed independently, after relevant approvals from the stock exchange. Listing is likely in January 2007," the company said.
The demerged ZTL (including the Direct Consumer business undertaking) would continue to trade on the stock exchanges, it said.
"A separate record date would be announced for the demerger of Direct Consumer Business of ZTL into ASC Enterprises Limited, to be renamed Dish TV India Limited," ZTL said.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group