Zee Entertainment’s shares zoomed nearly 15% after the country’s company law tribunal struck down an attempt to block its merger with Sony’s India unit, Culver Max Entertainment.
What Happened: The long-anticipated merger between the two firms has received the green light from the National Company Law Tribunal (NCLT) after it dismissed all objections to the deal
The latest development clears the path for the Zee-Sony merger, which the two parties signed an agreement for in December 2021.
Since then the companies have faced a barrage of issues ranging from opposition by lenders to an investigation by the Securities and Exchange Board of India.
The key regulatory approval will allow the creation of a new media behemoth in India, with businessman Punit Goenka set to be at its head.
Price Action: Zee Entertainment’s share price surged 14.98% to ₹278.55 in late afternoon trade on Thursday, following the news.
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