Siti Networks subsidiary completes transaction for acquisition of 51% stake in E-Net Entertainment; stock trades higher

The consideration amount was Rs12.75 lakh to be paid by Siti Broadband Services for the acquisition of 51 % Equity Shares in E-Net Entertainment.

Dec 17, 2020 03:12 IST India Infoline News Service

Siti Broadband Services Private Limited, a wholly-owned subsidiary company of Siti Networks Limited, has completed the transaction on December 15, 2020, pertaining to the acquisition of 51 % equity stake in E-Net Entertainment Private Limited.

Siti Networks board in a meeting held on September 15, 2020, had approved the acquisition of 51 % equity stake in E-Net Entertainment Private Limited, through the wholly-owned subsidiary company of the company namely Siti Broadband Services Private Limited.

“The consideration amount of Rs12.75 lakh to be paid by Siti Broadband Services for acquisition of 51 % Equity Shares in the paid-up Equity Share Capital of E-Net Entertainment,” company had shared in its September 15,2020 disclosure.

This acquisition will help Siti Broadband Services to make its presence within the territory of Andhra Pradesh and Telangana through E-Net Entertainment.

Towards close, Siti Networks Ltd was trading at Rs1.15 per piece up by Rs0.05 or 4.55% from its previous closing of Rs1.10 per piece on the BSE.

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