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The board of Zee Entertainment Enterprises approved the transfer of digital publishing business division of the company to Rapidcube Technologies.
The board of directors of the company on 17 December 2020, approved the transfer of the digital publishing business division of the company to Rapidcube Technologies (Rapidcube) through a business transfer agreement, the company said.
The digital publishing business division of the company is valued at Rs 63.77 crore. It contributed Rs 32.80 crore revenue for FY19-20, constituting nearly 0.5% of the total standalone business. Net worth contributed by this digital publishing business division for FY 19-20 was Rs 63.20 crore.
The date of completion of transfer of the digital publishing business division to Rapidcube would depend upon receipt of relevant approvals and completion of conditions precedent (as identified in the agreement for transfer of the business), the company said in a statement.
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Zee Entertainment Enterprises (ZEE) declined 0.27%. ZEE said that the board of directors of the company has approved the acquisition of film production and distribution business as a going concern, on a slump sale basis from Zee Studios (formerly known as Essel Vision Productions), a wholly owned subsidiary of the company, for a cash consideration. Also the board of directors of the company considered and approved the transfer of the Digital Publishing Business Division of the company t
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The digital publishing business is valued at Rs 63.77 crores.
18 Dec, 2020 - 09:15 AM IST | By indiantelevision.com Team
MUMBAI: Continuing with its restructuring, the ZeeL board has approved the transfer of its digital publishing business to Rapidcube Technologies, a subsidiary of group company Zee Media.
The transaction values the business at Rs 63.77 crores, and Rapidcube will pay the amount by transferring its shares of Rs 10 each to ZeeL. The former’s share capital at the time of writing is Rs 10 lakh, which is being enhanced to enable the transaction. The date of completion of transfer of the digital publishing business division to Rapidcube would depend upon receipt of relevant approvals and completion of conditions precedent (as identified in the agreement for transfer of the business), the company said in a BSE filing.
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