Zee Entertainment completes acquisition of India Webportal

NEW DELHI: Zee Entertainment Enterprises Ltd (ZEEL) today said it has completed acquisition of balance 49 per cent equity stake in its subsidiary India Webportal.

Last month, ZEEL had announced it will acquire balance 49 per cent equity stake in India Webportal Pvt Ltd for USD 30.7 million (Rs 197.47 crore) to consolidate its digital business.

The company has completed the requisite formalities and has acquired the balance 49 per cent equity stake in India Webportal Pvt Ltd (IWPL)...IWPL has become a wholly-owned subsidiary of the company," ZEEL said in a BSE filing.

India Webportal distributes media content on digital platforms through various websites including India.com, Bollywoodlife.com and Cricketcountry.com.

Shares of ZEEL were trading up 0.39 per cent at Rs 556.60 on BSE in late morning trade.