ZEEL board approves acquisition of Fly By International; stock dips 3%

The board has in-principle approved acquisition of 100% equity stake in Fly By International

Shares of Zee Entertainment Enterprises were down nearly 3% at Rs 390 on the Bombay Stock Exchange.

The company in a release said that its board of directors at their meeting held on March 14, 2016 approved in-principle the acquisition of 100% equity stake in FLy By Wire International Private Limited, Bangalore.

Fly By Wire is engaged in the business as a service provider in the aviation industry providing services relating to managing/operating aircrafts, aircraft chartering services, the release added.

The stock opened at Rs 400 and touched a low of Rs 388. At 12:35pm, over 850,000 shares were traded on both the stock exchanges.