ZEEL acquires 100% stake in India Webportal
Zee Entertainment Enterprises Ltd (ZEEL) today (July 24, 2017) announced that it has acquired 100 per cent stake in India Webportal Pvt Ltd (IWPL), completing the acquisition of its subsidiary.
In its communication to the BSE dated June 8, 2017, ZEEL had provided details of in-principle approval granted by the Board of Directors of the company for acquisition of 100 per cent equity stake in IWPL.
In its latest statement to the BSE, ZEEL said, “The company has completed the requisite formalities and has acquired the balance 49 per cent equity stake in IWPL comprising 12,20,10,000 equity shares of Rs 10 each. Upon aforesaid acquisition, IWPL has become a wholly owned subsidiary of the company effective July 22, 2017.”