Shares,
After ZEEL and IndusInd Bank informed the National Company Law Appellate Tribunal (NCLAT) that they have settled a dispute regarding a loan default, paving the way for the merger of the media company with a local unit of the Sony Group, shares of Zee Entertainment Enterprises Ltd. rose 4.4% to nearly a week’s high in Wednesday’s trading.
The stock opened at 208.85 and has so far this season touched a day high and low of 219.45 and 208.7, respectively. ZEEL shares hit 52-week high 308.65 and 52-week low 176.6.
On Wednesday, IndusInd Bank informed the tribunal that it would also withdraw its opposition to Zee Entertainment merging with a local Sony unit in Japan.
At the end of last month, IndusInd filed for bankruptcy against Zee Entertainment for 83 crores.
In the NCLAT, Zee Entertainment challenged the move, which halted the bankruptcy proceedings.
Zee’s attorney told the NCLAT last month that the Sony deal had all the necessary approvals, but that the start of corporate insolvency proceedings would stop it. The merger has been approved by Zee’s shareholders and India’s antitrust regulator, despite the fact that it has been going on longer than Zee had anticipated.
“The NCLT approval will be the final step towards completing the merger,” said Ashwin Patil, Senior Research Analyst at LKP Securities earlier. a benefit to the stock.”
with organization inputs
