Mumbai: Broadcasting company ETC Network said on 7 August it has received board of directors’ approval for merger with Zee Interactive Learning Systems (ZILS).
At a meeting held on 6 August, the board approved the scheme of amalgamation with ZILS and their respective shareholders with effect from 1 April, ETC Network said in a filing to the Bombay Stock Exchange (BSE).
Pursuant to the merger, ZILS will allot one equity share of Rs10 each for every two shares of ETC Network.
The merger is, however, subject to consent of shareholders, creditors and other necessary approvals. Post-amalgamation the name of the consolidated entity would be changed to ‘ETC Networks Ltd´.
ETC Network is in the business of broadcasting television channels like ETC Music and ETC Punjabi, while ZILS is a diversified education firm.