ZEEL to acquire film production, distribution from Zee Studios

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.

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The acquisition does not require any governmental or regulatory approval and likely to complete in around two months.

Disclaimer: This story is auto-generated from IANS service.

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