New Delhi, Dec 17 : The Board of Zee Entertainment Entertainment Ltd (ZEEL) on Thursday has approved the acquisition of film production and distribution business from Zee Studios Limited, a wholly owned subsidiary of the former for a cash consideration of Rs 275 crore.
This transaction comprises the acquisition of the business undertaking pertaining to film production and distribution business as a going concern, on a slump sale basis.
The transaction would fall within the related party transaction and is being done at arm’s length, Zee Entertainment said in a regulatory filing.
As per the company, the acquisition of film production and distribution business would result in growth opportunities in line with the strategic decisions of the Board of Directors.
The acquisition does not require any governmental or regulatory approval and likely to complete in around two months.
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