Recommendation: Buy; Target Price: Rs 217
Plea dismissed as matter has already settled with creditors who had brought the insolvency petition.
Sony Pictures Networks India Pvt. will own a little more than half the shares once the deal is completed and Zee’s founders will hold 3.99% while public shareholders will get the rest.
Company's stock price rises after IndusInd Bank withdraws insolvency petition against it.
Recently, the companies in question reached a settlement with the Indian Performing Rights Society (IPRS).
The move comes after the National Company Law Appellate Tribunal (NCLAT) granted the media company interim relief on Friday by staying the bankruptcy proceedings against it.
Zee stock down in spite of NCLAT order staying insolvency proceedings against the company.
A two-member NCLAT Bench granted ZEEL Managing Director and Chief Executive Officer Punit Goenka's petition.
NCLT has admitted IndusInd Bank's plea for initiating insolvency process for Zee Entertainment.
Its revenue from operations remained flat at around Rs 2,111 crore.
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