Media firm Zee Entertainment Enterprises Ltd (ZEEL) today said it has acquired the remaining 51 per cent stake in Fly By Wire.
In March last year, the company had announced that it will fully acquire charter plane services firm Fly By Wire (FBW) for a total consideration of Rs 61.25 crore. In May, ZEEL acquired 49 per cent stake in FBW.
"Consequent to the receipt of approval from Ministry of Civil Aviation and compliance of other requisite formalities, the company has acquired the balance 51 per cent stake in FBW comprising of 10,20,000 equity shares of Rs 10 each at an aggregate consideration of Rs 1,40,25,000," ZEEL said in a BSE filing today.
Fly By Wire provides charter plane services. FBW has become a wholly-owned subsidiary of the company effective July 14, 2017, it added.
Shares of Zee Entertainment Enterprises today closed 1.33 per cent higher at Rs 530.10 apiece on BSE.
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