ZEE Entertainment Enterprises Ltd (ZEEL) on Friday said it has got the approval from the two Indian stock exchanges for its proposed merger with Culver Max Entertainment Private Ltd.
In a statement, ZEE Entertainment said the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have given their nod for its proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India Private Ltd).
The approval from the stock exchanges marks a firm and positive step in the overall merger approval process.
With the approvals on hand ZEE Entertainment can now proceed with the next steps in the overall merger process, that is to file the Composite Scheme of Arrangement with National Company Law Tribunal's Mumbai Bench.
The Composite Scheme of Arrangement remains subject to applicable regulatory and other approvals.
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