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ZEEL finalises 80% acquisition of tech start-up Margo for Rs 75 cr
MUMBAI: Zee Entertainment Enterprises Ltd (ZEEL) completed the acquisition of 80% stake in technology start-up Margo Networks for Rs 75 crore. Margo, which allotted 40,000 shares to ZEEL, thus became a subsidiary of the company.
In March, ZEEL had announced its acquisition of 80% stake in Margo Networks for Rs 75 crore. The investment valued Margo at Rs 95 crore.
At the time of the announcement, ZEEL had said that the transaction would be concluded within 30 days.
According to ZEEL, Margo has developed a technology to set up a server and complete infrastructure that will enable content consumption and has the potential to significantly drive up digital content consumption.
“Considering the strong synergies of the technology developed by Margo with the current business of the company, the board of directors of the company has approved acquisition of equity stake in Margo,” it had said.
Margo Networks was incorporated on 17 August 2016. Its authorised share capital is Rs 10 lakh and its paid-up capital is Rs 1 lakh. Directors of Margo Networks are Ripunjay Mukesh Bararia, Devang Yogesh Goradia, Rohit Suresh Paranjpe and Mehul Dinesh Patel.