New Delhi, Apr 11 (PTI) Shemaroo Entertainment today said it would form a US-based wholly owned subsidiary for its business expansion.

The board of the company, in its meeting held today, “inter-alia approved to invest in a company to be incorporated as a Wholly Owned Subsidiary at New Jersey, US in the name of Shemaroo Media & Entertainment Inc,” Shemaroo informed the BSE.

The company would work in the media and entertainment industry.

It will have a paid up share capital of USD 50,000, it added.

“The initial subscription amount does not fall within related party transactions,” the company said.

This is published unedited from the PTI feed.