ZEE aaproves share swap ratio for merger of ETC Network

Zee Entertainment Enterprises (ZEEL) today said its board has approved the share swap ratio for the merger of the company's subsidiary ETC Networks with itself.

For the merger scheme, the company's board approved share swap ratio of 10 ZEEL equity shares of Re 1 each for every 11 stocks of Rs 10 each held in ETC Networks.

The board of directors of the company also approved March 31, 2010, as the appointed date for merger of ETC Networks with itself, Zee Entertainment Enterprises Ltd said in a statement to the Bombay Stock Exchange (BSE).

After the merger, the company would demerge its education business into a separate entity Zee Learn Ltd. For the demerger, the board approved share entitlement ratio of one share of Re 1 each of Zee Learn for every four stocks of Re 1 each held in the company, ZEEL said.

April 1, 2010, has been fixed as appointed date for demerger, the media and entertainment major further said. ETC Networks has two music channels -- ETC Music and ETC Punjabi.

The education operations of ETC span across child education and youth vocational training business through multiple products such as Kidzee, Kidzcare, Zee Institute of Media Arts and Zee Career Academy.