The board of Zee Entertainment has approved the merger with Sony Pictures Networks India. As per the deal, Sony Pictures will invest US$157.5 (Rs 11608 crore) in the merged entity, Zee Entertainment, and Puneet Goenka will continue to be the MD and CEO of the entity. Zee Entertainment shareholders will hold 47.07 per cent and Sony Pictures Networks 52.93 per cent in the merged entity. The company has given information about the merger in a regulatory filing on the morning of Wednesday 22 September.
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Big relief to Puneet Goenka from merger
Zee Group’s MD and CEO Punit Goenka has got a big relief to continue in his post due to the merger of Zee Entertainment with Sony Pictures. Earlier, Zee Entertainment’s largest shareholders Invesco Developing Markets Fund and OFI Global China LLC had called an EGM (Extraordinary General Meeting) to remove Puneet Goenka. The purpose of this meeting was to remove three people, including Goenka, and to get six independent directors appointed. Now the Zee Entertainment Board of Directors unanimously approved the merger of Sony Pictures and Zee on September 21 and as per the deal, Goenka will be the CEO and MD of the merged entity.
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Sony Group will nominate board members
According to the deal, Sony Pictures, a subsidiary of Japanese multinational corporation Sony, will invest $1575 million in the merger entity. The invested capital will be used for growth. According to the deal, promoters can increase their stake from 4 per cent to 20 per cent. Sony Group will nominate most of the board members of the merged entity.
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