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The board of Zee Entertainment Enterprises approved the transfer of digital publishing business division of the company to Rapidcube Technologies.
The board of directors of the company on 17 December 2020, approved the transfer of the digital publishing business division of the company to Rapidcube Technologies (Rapidcube) through a business transfer agreement, the company said.
The digital publishing business division of the company is valued at Rs 63.77 crore. It contributed Rs 32.80 crore revenue for FY19-20, constituting nearly 0.5% of the total standalone business. Net worth contributed by this digital publishing business division for FY 19-20 was Rs 63.20 crore.
The date of completion of transfer of the digital publishing business division to Rapidcube would depend upon receipt of relevant approvals and completion of conditions precedent (as identified in the agreement for transfer of the business), the company said in a statement.
Stocks to Watch: TCS, Zee Entertainment, BPCL, Dishman
Markets closed at record highs on Thursday. Photo: Hemant Mishra/MintPremium
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Tata Consultancy Services: India s largest IT services firm s share buyback programme of up to ₹16,000 crore commences today and closes on January 1. Last month, TCS shareholders had approved a proposal to buy back up to 5.3 crore shares of the company at ₹3,000 per scrip.
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Zee Entertainment: The company s board has approved acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios (formerly known as Essel Vision Productions), a wholly-owned subsidiary of the company for a cash consideration as per its business transfer agreement.