Draft scheme of amalgamation of #ZEEL Entertainment with #Sony Pictures cleared at previously proposed ratios, with some minor changes.
Long board meeting from 9:30 am to 3:30 pm approved definitive binding agreements, subject to necessary regulatory approvals.
#Sony to hold 50.8%, domestic shareholders just over 47% in merged entity.
#Zee promoter family to initially hold over 2.2%, going up to 3.99%. Provision for promoter family to increase stake in merged entity to 20% subject to some clauses like purchase at market value.
Name of resulting entity from #ZEEL Entertainment and #Sony Pictures not yet decided. Various options possible included both brands being used or possibly even a completely new identity-not finalized as yet.