Zee Entertainment shares jump 18% as NCLT approves merger with Sony

New Delhi: Shares of Zee Entertainment Enterprises Ltd jumped 18 per cent on Thursday after the National Company Law Tribunal (NCLT) allowed its merger with Culver Max Entertainment.

The stock rallied 17.95 per cent to settle at Rs 285.55 apiece on the BSE. During the day, it zoomed 19.99 per cent to reach its 52-week high of Rs 290.50.

At the NSE, it surged 16.55 per cent to end at Rs 282.35.

In traded volume terms, 63.44 lakh shares of the firm were traded at the BSE and over 11.39 crore shares at the NSE during the day.

The NCLT on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment, earlier known as Sony Pictures Networks India.

The order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a USD 10-billion media company, the biggest in the country.

The tribunal also dismissed all objections regarding the merger.

The NCLT, on July 11, had reserved its order on the merger after hearing objections from several creditors.

In December 2021, Zee Entertainment and Sony Pictures agreed to merge their businesses.