Zee Telefilms Ltd (ZTL) is to acquire 48.38 per cent equity stake (56,60,795 shares) of ETC Networks Ltd from its promoters for Rs 17.84 crore. Subject to requisite corporate and regulatory approvals, the company also intends to subscribe to equity shares of ETC of total value of Rs seven crore at a price to be determined as per the SEBI's preferential issue guidelines, ZTL informed the Bombay Stock Exchange.
ZTL signed a Memorandum of Understanding (MoU) with ETC promoters - Jagjit Singh Kohli, Yogesh Radhakrishnan, Yogesh Shah and others - to this effect, it added.
Meanwhile, ETC in a separate communication to BSE said its board would meet on February 25, 2002, to consider the MoU and preferential allotment. Bureau Report