ZMCL completes Rs 49 cr stake acquisition in Zee Akaash News
MUMBAI: Zee Media Corporation Ltd (ZMCL) has completed the acquisition of remaining 40% stake in subsidiary company Zee Akaash News on 31 May. On 1 February, the company’s board had approved the acquisition of balance 40% stake in Zee Akaash News for Rs 49 crore.
“This is further to our letter dated February I, 2018, intimating relevant details of the approval accorded by the Board for acquisition of balance 40% equity Stake in Company’s 60% Subsidiary Zee Akaash News Pvt Ltd at an aggregate consideration of Rs. 49 crore,” ZMCL said in a filing to the BSE.
“In this regard, we wish to inform you that the Company has concluded the acquisition of 40% equity stake in Zee Akaash News Pvt Ltd., on May 31, 2018.”
Zee Akaash News owns and operates Bengali news channel 24 Ghanta which has since been rebranded to Zee 24 Ghanta.
The 40% equity stake comprising 15,99,998 equity shares was held by Sky B Bangla. ZMCL has effectively paid Rs 306.25 a share to Sky B Bangla for taking complete control of Zee Akaash News.
The acquisition will facilitate the consolidation of the company’s regional news channel portfolio.
Zee Akaash News had posted a profit before tax of Rs 14.25 crore in FY17 on revenue of Rs 53.97 crore. In the previous fiscal, the PBT and revenue stood at Rs 14.98 crore and Rs 48.06 crore. In the year before, the same was Rs 13.48 crore and Rs 43.25 crore.