Zee Media share price moved higher by almost 6 per cent on the NSE after the company announced that the board approved acquisition of 49 per cent stake in 92.7 BIG FM, the radio broadcasting business of RBNL - Reliance Broadcast Network Limited. RBNL runs the biggest network of FM radio channels in the nation, 45 operational licenses (issued under Phase II and migrated to Phase III) and 14 novel licenses (issued under Phase III).
Under the transaction, Reliance Broadcast Network Limited (RBNL) will transfer the 45 operational FM channels and 14 novel non-operational channels into 2 SPV - special purpose vehicles Vrushvik Entertainment Private Limited and Azalia Media Services Private Limited, respectively.
ZMCL shall acquire 49 per cent stake in each SPV. Both Zee and Reliance group shall also have a call/put option for the balance 51 per cent stake in both SPVs after the stipulated lock-in period. The acquisition is subject to regulatory approvals of the Ministry of Information and Broadcasting and No-objection from lenders of the RBNL. The transaction is estimated to close in the first half of CY2017.
At 10:07 am, Zee Media share price was trading 5.98 per cent higher at Rs 37.20 on the NSE. The lower price band of the stock stands at Rs 28.10 while the upper price band reads at Rs 42.10. The stock opened at Rs 36.65 from a previous closing of Rs 35.10.
Out of the 1700 Shares listed on the NSE, Zee Media is one of the top 500 Stocks, identified by Dynamic Levels Researchers and stock analysts. The scrip is a well analyzed stock, based on Dynamic Levels’ technical and fundamental research.
To seek information on the resistance and support levels of the scrip and know more about its fundamentals and financials, please pay a visit to Zee Media share price history.
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