Zee Telefilms okays share swap for demerger of ZNL at 137:100 ratio
Mumbai, Mar 30 (UNI) The Board of Directors of Zee Telefilms has approved the share swap ratio pertaining to the demerger of its News business Zee News Ltd (ZNL) consequent to its restructuring of the various businesses of the Company.
Accordingly, the Board meet of Zee Telefilms held yesterday cleared the share swap ratio for ZNL which shall allot 137 fully paid up equity shares of Re one each for every 100 equity shares of Re one each held in the Company.
Informing the BSE, the Company said if on the record date, FIIs hold more than 32 per cent shares of the Company, then such class of FIIs, holding more than 0.5 per cent shares of the Company, would be allotted preference shares for such excess holding. The excess holding will be 1,781 fully paid up preference share of Re one each for every 100 equity shares held in the Zee Telefilms.
The Company clarified that if by proportionate allotment of preference shares to FIIs holding more than 0.5 per cent of the equity capital of the Company the FII holding in it exceeds 26 per cent, then the Board of Directors of Zee Telefilms, pursuant to the authority vested under the Scheme of Arrangement, shall decide on such class of FIIs who holds even less than 0.5 per cent in the Company for such proportionate allotment preference shares.
UNI SN MAZ SKB1920