In a meeting held yesterday, the board of directors of Zee Entertainment Enterprises Limited (ZEEL) approved the acquisition of 9X, the Hindi general entertainment channel from the INX Media stable. The same has been intimated to the Bombay Stock Exchange.
This will be done by way of a Scheme of Arrangement under which the 9X Channel Business Undertaking will be demerged from INX and vest with the company, subject to appropriate statutory and regulatory approvals. The board has decided to meet again on April 29 to consider the details of the acquisition, such as terms of the scheme, the share swap ratio and the appointed date.
Further details are awaited.