Zee Entertainment Enterprises Ltd. (ZEEL) and Indian models of Japan’s Sony Group will discuss an extension of merger deadline, ZEEL stated in a submitting to the inventory exchanges on Wednesday.
“The Company [ZEEL] is now in receipt of a communication from CMEPL (Culver Max Entertainment Private Ltd., formerly known as Sony Pictures Networks India Private Ltd.) (CMEPL) and BEPL (Bangla Entertainment Private Ltd.) that they will enter into good faith negotiations as required under the Merger Cooperation Agreement (MCA) entered amongst the parties with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” ZEEL stated within the submitting.
Ahead of the merger deadline of December 21, ZEEL had sought an extension. The deal, first introduced two years again with an purpose to create a $10 billion media and leisure conglomerate, has been lingering due to regulatory and different hurdles.
ZEEL shares prolonged their decline for a second session on Wednesday, sliding 7.31% on the BSE to shut at ₹251.80.
