The board of Zee Entertainment Enterprises Ltd, a leading entertainment firm, has given an in-principle approval to the acquisition of 9X, a general entertainment channel owned and operated by INX Media Private Limited.
The board would meet again on April 29, 2010 to consider the terms of the scheme of arrangement and the share swap ratio, it said, in its filing to the stock exchange.
VCCircle had earlier reported about the plans of INX to divest its general entertainment channel (GEC) 9X to Zee Tele Films after settling INX's creditors, who have Rs 90 crore exposure and had threatened winding up petitions in the recent past. The sale of GEC channel to Zee will bring in about two-third of the liquidity for settling these creditors while the rest would be pitched in by private equity firm New Silk Route, the earlier report said.
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