Shares of Tree House Education & Accessories and Zee Learn surged up to 15.5 per cent today after their boards approved a revised share swap ratio for the merger.
The scrip of Tree House zoomed 15.51 per cent to settle at Rs 36.50 on BSE. Intra-day, it soared 19.93 per cent to Rs 37.90.
Shares of Zee Learn jumped 11.26 per cent to end at Rs 33.60. During the day, it advanced by 19 per cent to Rs 35.95.
"The Board of Directors of Zee Learn Ltd (ZLL) approved the revised scheme of amalgamation of Tree House Education & Accessories Ltd (THEAL) with ZLL, subject to requisite statutory and regulatory approvals," Zee Learn said in a BSE filing.
The Board of ZLL approved revised share swap ratio of 10 equity shares of ZLL of INR 1 each fully paid up for every 10 equity shares of THEAL of Rs 10 each fully paid, it added.
"The revised scheme of amalgamation will put to rest uncertainty and anxiety within different stakeholders, help mitigating the recent developments in operational performance of THEAL over the past few quarters and further strengthen ZLL position in the educational landscape," the filing added.
Zee Learn, an Essel Group company, has its preschool network Kidzee.
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