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Essel Corporate LLP (formerly known as AIIore Enterprises LLP) has informed the stock exchanges that it proposes to acquire 1.5 crore shares of Zee Entertainment Enterprises Ltd (ZEEL).
The acquisition of ZEEL's shares from Essel Holdings Ltd will happen on July 20, 2018 or any day thereafter within a period of 90 days by way of on-market inter-se transfer of shares amongst the promoter group, the firm said.
According to disclosures made under SEBI regulations pertaining to 'Substantial Acquisition of Shares and Takeovers', the total number of shares to be acquired by Essel Corporate LLP constitutes 1.56 per cent of ZEEL's share capital.
Essel Corporate LLP said the volume weighted average market price for a period of 60 trading days preceding the date of issuance of this notice as traded on the stock exchange where the maximum volume of trading in the shares of the TC (target company) are recorded during such period is Rs 564.38.
After the proposed transaction, Essel Corporate LLP's shareholding with respect to the total share capital of ZEEL will go up from 1.49 per cent to 3.05 per cent, while that of the seller (Essel Holdings Ltd) will go down from 1.89 per cent to 0.33 per cent, Essel Corporate said.
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