ETC Network to amalgamate with Zee Interactive Learning System

New Delhi, Aug 7 (UNI) ETC Network Ltd today said it has approved the scheme of amalgamation of the company with Zee Interactive Learning Systems Ltd (ZILS) and their respective shareholders effective from April 1, this year.

The company is in the business of broadcasting television channels, ETC Music and ETC Punjabi, company said in statement to BSE.

Its current issued and paid capital is 13,88,89,110 comprising 1,38,88,911 equity shares of Rs 10 each.

ZILS is one of the most diversified education companies, said the statement adding, its current issued and paid up capital is Rs 2,80,00,000 comprising of 28,00,000 equity shares of Rs 10 each.

The share exchange ratio will be one equity share of Rs 10 each of ZILS for two equity shares of Rs 10 each of the company.

The scheme is subject to requisite consents, approval of the shareholders, lenders and creditors of the companies.

Post amalgamation, name of the consolidated entity would be changed to 'ETC Networks Ltd'.

UNI