Zee Entertainment To Delist From FTSE Russell After Sony Merger
Following the merger, Culver Max Entertainment will replace Zee Entertainment in the FTSE Global Equity indices.
Zee Entertainment Enterprises Ltd. will be delisted from the FTSE Russell following its merger with Sony Entertainment India.
The effective date of the merger, the last trading day of Zee Entertainment, and the listing date of Culver Max Entertainment Pvt. have not yet been confirmed, FTSE Russell said in a statement.
Culver Max Entertainment is doing business as Sony Pictures Networks India. Following the merger, Culver Max Entertainment will replace Zee Entertainment in the FTSE Global Equity indices, based on the terms of the effective date of the merger, it said.
"The eligibility screenings for Culver Max Entertainment will be assessed in the subsequent quarterly review, including liquidity as a constituent as well as reviewing shares and free float..."
The NCLT approved the Zee-Sony merger in August this year, dismissing all objections. The tribunal had been reviewing the case since July 10.
The merger agreement between Zee and Sony was reached in December 2021. After obtaining approvals from various regulators like the NSE, BSE, the Securities and Exchange Board of India, and the Competition Commission of India, the companies sought final approval from the tribunal.
However, the merger faced delays due to objections from creditors of the Essel Group. The main issue in this dispute was a non-compete clause in the scheme.