New Delhi, July 24: Zee Entertainment Enterprises Limited on Monday announced it completed the acquisition process of India Webportal Private Limited by buying 49 percent of the shares. The announcement was followed by the approval of the Company’s board of directors. The Company bought the stake of 12.2 crore equity shares for Rs 197.47 crore.

In a Bombay Stock Exchange filing, the company said, “The Company has completed the requisite formalities and acquired the balance 49% equity stake in IWPL comprising 12,20,10,000 equity shares of Rs 10 each. Upon aforesaid acquisition, IWPL has become a wholly owned subsidiary of the Company effective July 22, 2017.”

Dalal Street Investment Journal said the stock was trading at Rs 555.85, up by 0.25% on BSE at 1012 hours. It opened at Rs 558 per share. It touched an intraday high of Rs 561 and low of Rs 555.45. The stock attracted a total traded volume of 7,38,321 and traded value of 4,114.81 lakh on NSE at 1010 hours.

As per company website, Zee Entertainment Enterprises Limited is a leading global content company. With an extensive content library housing over 222,000+ hours of television content and rights to more than 3,818 movie titles from foremost studios and of iconic film stars, ZEE entertains over 1 billion viewers across 171+ countries.

ZEE has a strong presence across the media and entertainment value chain including Broadcasting, Films, Digital, Theatre, LIVE Events & Talent. ZEE also operates multiple digital offerings like Ditto TV, OZEE and India.com.