Zee Entertainment Enterprises in its board meet yesterday approved hiking stake in Taj TV, Mauritius and Taj Television.
According to a release issued by the company to the BSE today, the board has approved, acquisition of additional 45% equity stake in Taj TV, Mauritius, the owners of Ten Sports channel, through its overseas subsidiary and an additional 50% equity stake directly in the Indian arm, Taj Television (India) Pvt Ltd thus making it a wholly owned subsidiary of the company.
Further the group's consolidated net profit soared over 74% to Rs 146.43 crore for the quarter ended December 31, 2009 as compared to Rs 83.97 crore for the quarter ended December 31, 2008. Total Income decreased marginally by nearly 4% from Rs 585.70 crore to Rs 563.23 crore.
The stock is now down nearly 3% at Rs 278.
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