Zee, Sony merger could wrap by December
September 22, 2023
By Chris Forrester
The much-anticipated $10 billion merger between Zee Entertainment (ZEEL) and Sony’s Indian broadcast assets should complete by December, say reports in India.
The plan is for shareholders to get 85 shares of the merged entity for every 100 shares held in ZEEL after the merger. Shares of ZEEL will then be delisted and relisted after the completion of the merger process.
Karan Taurani, SVP of research at brokerage Elara Capital, said the frequent delays in the merger closing is marginal. He added that there could be a marginal delay in filing the merged entity’s closing precedents. His view is that relisting the merged business could take place in the second week of December 2023.
Those ‘marginal’ delays are largely down to legal squabbles. Last week, for example, the Securities Appellate Tribunal (SAT) adjourning ta case it was hearing concerning the ban on Zee MD Punit Goenka by the Securities and Exchange Board of India (Sebi) to September 27th. The delay was the third such postponement in a month.