ZeeL transfers digital publishing biz to Zee Media offshoot

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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