Friday, March 1, 2024
Home News Zee shares rise 4% post settlement with IndusInd Bank

Zee shares rise 4% post settlement with IndusInd Bank

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

RELATED ARTICLES

Markets end FY23 in style; Sensex Nifty rally nearly 2% on firm global trends

Market, The final day of the fiscal year 2022-23 saw gains for benchmark indices, with a gain of nearly 2% on Friday, extending gains for...

Day trading guide for today: 6 stocks to buy or sell on Friday — 31st March

Trading, Day trading guide for today: Indian shares gained on Wednesday as global markets' increased risk appetite was aided by easing in the banking industry....

Financial, IT stocks aid Indian shares snap three-month losing streak

Financial, By Bharat Rajeshwaran BENGALURU (Reuters) - Indian shares rose on Friday, supported by a higher weighting of financial stocks and information technology (IT) stocks,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

SIGNUP & GET $10000 BONUS

Most Popular

Trading the Inside Bar Pattern on Pocket Option Platform

Inside Bar Pattern Introduction Price movement on a chart is examined in price action trading. You may use candlesticks to predict where prices will move...

“Unlocking the Secrets: 4 Tricks of Successful Traders on Pocket Option Platform”

For a year, I have been trading on the Pocket Option platform. I sometimes succeed and sometimes fail. However, I was confident that if...

Identifying Mistakes That Lead to Losses on Pocket Option

Why do people lose their money when trading binary options New traders frequently take a significant financial risk while trading binary options. As a result,...

Weekly Income Plan on Pocket Option Platform”

Get weekly returns on Pocket Option It turned out that October was a terrific month for me. I am still able to generate money every...

Recent Comments