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Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises (ZEEL) have finalized the deal to merge ZEEL with and into SPNI.As part of the deal, the promoters of Zee will get Rs 1,101 crore as part of a non-compete agreement.
The promoters will infuse that money to buy 3.67 crore shares at Rs 300 per share in the merged entity, which will help them maintain their shareholding at 3.99 percent, as they had been owning prior to the merger.
At present, ZEEL equity base comprises 96.05 crore shares. Post the scheme of arrangement, the number of shares in issue will increase to 173.63 crore.
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