Essel Group's Zee Entertainment Enterprises Ltd today said its board has approved the demerger of media business undertakings from Diligent Media Corporation Ltd (DMCL) and they will be vested into ZEEL.
The undertakings comprise of media and entertainment business, event management activities, TV channel license and TV reality shows formats for game based shows.
The new arrangement will be effective from March 31, 2014, a ZEEL press release said, adding that the scheme will be subject to necessary approvals from the shareholders and regulatory authorities.
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ZEEL will issue 2.23 crore preference shares of Rs 1 each to the shareholders of DMCL under the deal.
"ZEEL shall issue 2.23 crore redeemable, non-convertible preference shares of Rs 1 each (i.e. One preference share of Rs 1 each for every four equity shares of face value of Rs 10 each of DMCL) on vesting of media business undertaking with it," the release said.
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