Zee okays consumer services demerger

Zee Telefilms today approved de-merger of its direct consumer services business into ASC Enterprises. The demerger includes the business carried out through subsidiaries.

Subsequently, Siti Cable Network and New Era Entertainment Network will be merged with ASC.

ASC shall allot 23 fully paid up equity share of Re 1 each, for every 10 equity shares of Re 1 each held in Zee Telefilms.

The share exchange ratio has been determined by Deloitte Haskin & Sells. There will not be any issue of shares, consequent to the merger of Siti Cable and NEENL into ASC.

Both SitiCable and NEENL would become the wholly owned subsidiaries of ASC. The appointed date for the scheme is fixed at April 1.