The board of Zee Entertainment Enterprise (ZEEL), India's largest media and entertainment company, has approved the swap ratio of 1:71 for the acquisition of 9X channel from INX Media.
The swap ratio will be for 1 equity share of Zee for 71 equity shares of INX held by the shareholders of INX as on June 30, 2010.
Zee will also takeover the liability of Rs 60 crore. 9X is a general entertainment channel (GEC).
Subhash Chandra, chairman, Zee Entertainment Enterprise, said, "With this acquisition, we hope to be able to expand our presence in the Hindi GEC space. We would explore the opportunity to take this content to our international markets."
