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Media conglomerate Zee Group's demerged group firms Zee News and Wire and Wireless (India) Limited on Wednesday got listed at Rs 50 and Rs 80 respectively after chairman Subhash Chandra rang the opening bell at the Bombay Stock Exchange.
"The listings of Zee News and WWIL has been much beyond our expectations," a group spokesperson told PTI.
Zee News entered the bourse with over 23.97 crore (2.39 million) equity shares of Re 1 each fully paid-up issue pursuant to the Scheme of Arrangement.
WWIL entered the bourse with 21.72 crore (2.17 million) equity shares of Re 1 each fully paid-up issue pursuant to the Scheme of Arrangement of the company.
As per a scheme of demerger, Zee Telefilms has hived off its news and cable businesses and was renamed as Zee Entertainment Enterprises Ltd, which had begun trading on the bourse as a demerged entity on December 18.
Pursuant to the Scheme of Arrangement, the cable business undertaking of Zee Telefilms Limited and Siti Cable Network Limited, a wholly owned subsidiary of ZTL, has been transferred to and vested in Wire and Wireless (India) Limited.
As per the demerger scheme, shareholders of ZTL were entitled to receive 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL.
Earlier, Chandra had said that Zee group would grow over five times to Rs 11,000 crore (Rs 110 billion) in four years ending March 2011, as a result of restructuring of the flagship company Zee Telefilms.
The restructuring would unlock the business potential and give new revenue streams to the group apart from plugging the leakages, Chandra had said. -- PTI
(Above) Zee Group's demerged firms Zee News and Wire and Wireless (India) Ltd were listed on the BSE on Wednesday. Zee chairman Subhash Chandra (right) rang the opening bell at the Bombay Stock Exchange. Also seen are (from left) Laxmi Narayan Goel, director, Zee News Group, and Rajnikant Patel, president, BSE.
Photograph: Arun Patil