18 Jan, 2016 – Zee Entertainment Enterprises Ltd (ZEEL) will get a strategic investor in its majority-owned subsidiary India Webportal Pvt Ltd.
As a result of this, ZEEL’s stake in India Webportal could fall below 51 per cent. While it currently holds 51 per cent stake in the joint venture, the remaining 49 per cent is with New York-headquartered Penske Media Corporation (PMC).
The ZEEL board has approved the proposal of induction of a strategic investor in India Webportal. As part of the proposal, India Webportal will issue convertible preference shares to the investor. This might result in potential dilution of its shareholding in the JV below 51 per cent, ZEEL said.
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