Thursday’s intraday trading saw a 6% increase in Zee Entertainment Enterprises (ZEEL) share price to Rs 283.75 following the Competition Commission of India’s (CCI) conditional clearance of the company’s proposed merger with Sony Pictures Networks (SPN) India.
The merger of Zee Entertainment Enterprises Limited and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CMEPL), formerly known as Sony Pictures Networks India Private Limited, has been given the go-ahead by the Competition Commission of India (CCI), according to a filing with the stock exchange by ZEEL. The ZEEL stock increased 13% during the course of the last week, while the S&P BSE Sensex rose only 3.5%. In the last three months, the stock increased 26% as opposed to the benchmark index’s 9% growth. However, it underperformed the market during the last six months, declining 5% as opposed to the Sensex’s 2% loss. The National Company Law Tribunal had requested last month that Zee call a shareholder meeting on October 14 to seek permission for the planned merger.