Zee Entertainment Enterprises Ltd stock soars after firm agrees to discuss extending date for merger with Sony

Zee Entertainment Enterprises Ltd shares got morning boost on BSE on Thursday (December 21, 2023) after the company updated bourses that it would enter into discussions to extend the date for merger with Sony. 

ZEEL shares were soaring by 4.23 per cent, or Rs 10.65, at Rs 262.45 each at 9:45 am on Thursday.

The Company is now in receipt of a communication from Culver Max Entertainment Private Limited (CMEPL) and Bangla Entertainment Private Limited (BEPL) that they will enter into good faith negotiations as required under the Merger Cooperation Agreement (MCA) entered amongst the Parties, the Company, CMEPL and BEPL, with a view to discuss the extension of the date required to make the Scheme effective by a reasonable period of time, Zee Entertainment Enterprises Ltd said in a statement.

Zee Entertainment Enterprises Ltd Share Performance

The stock of Zee Entertainment Enterprises Ltd has outsmarted the benchmark Nifty 50 by miles in the last six months as it has skyrocketed by 46.10 per cent.

Nifty, meanwhile, has grown just 11.66 per cent in the six-month period.