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Purvita Chatterjee

Mumbai , Nov. 29

As part of its restructuring exercise, Zee Telefilms is changing its name to Zee Entertainment Enterprises.

Speaking to Business Line, Mr Ashish Kaul, Senior V-P, Essel Group, said, "The name change is part of the de-merger exercise which was announced early this year. The change in name is in tune with modern times.''

According to restructuring announced by the company in March this year, the news related business of Zee Telefilms (ZTL) would be hived off and merged onto Zee News (ZNL). Shareholders of ZTL would receive shares of ZNL in proportion. ZNL would be listed independently. Siticable and cable related business of ZTL would be de-merged into Wire and Wireless (India) (WWIL) - a new company. The shareholders of ZTL would receive proportionate shares of WWIL as consideration.

Zee also has `in principle' approval from the board to hive off its Dish TV business. When approved, this would create a fourth listed company.

The company has recommended payment of 100 per cent equity dividend, i.e. Re 1 per share of Re 1 each on the paid-up capital of the company, for the financial year 2005-06.

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