INSUBCONTINENT EXCLUSIVE:
New Delhi, Jul 20 () Essel Corporate LLP plans to acquire 1.1 crore shares, or 1.15 per cent stake, of Zee Entertainment Enterprises (ZEEL)
from another promotor group entity at an estimated price of over Rs 610 crore
Essel Corporate will buy the stake from Essel International
Post completion of the transaction, Essel Corporate's stake in ZEEL will be 2.63 per cent
"Essel Corporate LLP (formerly known as Allore Enterprises LLP) propose to acquire 1,10,00,000 shares of ZEEL on..July 26, 2018 or any day
thereafter within a period of 90 days by way of on-market inter-se transfer of shares amongst the promoter group," Essel Corporate said in a
Essel Corporate said shares are proposed to be acquired at the prevailing price on the date of acquisition
However, it added that the acquisition price would not be more than 25 per cent of Rs 554.87 per share, which is the weighted average
market price for a period of 60 trading days preceding its notice issued today
At the indicated price, the transaction is estimated to be around Rs 610.35 crore
After the proposed transaction, Essel International's stake in ZEEL will be 1.25 per cent
Shares of ZEEL were trading at Rs 516.15 apiece, down 0.84 per cent on BSE.
