Zee shareholders' to consider demerger of biz units

MUMBAI: Zee Telefilms Ltd has said a meeting of its equity shareholders will be held on July 25, to consider the demerger of its business units into various companies.

The scheme of arrangement, that deals with the demerger of Zee Telefilms into Zee News Ltd, Siti Cable Network Ltd, Wire and Wireless (India) Ltd would be taken up by the shareholders pursuant to the Bombay High Court judicature, the company informed the Bombay Stock Exchange.

The board of directors of the company on March 29, had considered and approved the demerger of its news business undertaking into Zee News Ltd, demerger of its cable business undertakings and cable business undertaking of Siti Cable Network Ltd, a wholly owned subsidiary of Zee Telefilms into Wire and Wireless (India) Ltd.

The shares of the company closed at Rs 238.85, down 1.04 per cent on the BSE.