We had missed this earlier The Board of Directors at Zee Entertainment Enterprises Limited (ZEEL) has approved the acquisition of 100% stake in 9X Media Private Limited (9XM) and its subsidiary INX Music Private Limited (INX) from Rivendell PE LLC (formerly New Silk Route) and the other shareholders, for an all-cash deal worth Rs 160 crore. The acquisition is expected to be completed in 60 days. ZEEL will be acquiring: 91,453,000 equity shares of Rs 10 each of 9XM at a total consideration of Rs 155.20 crore; and 13,39,556 equity shares of Rs 10 each constituting 29.15% equity stake of INX at a total consideration of Rs 4.80 crore. The remaining 70.85% stake in INX is held by 9XM, and hence it'll become a wholly owned subsidiary of ZEEL. 9XM operates five music channels: 9XM (Bollywood), 9X Jalwa (Old Hindi), 9X Jhakaas (Marathi), 9XO (English), and 9X Bajao (Hindi Classics), and INX operates the music channel 9X Tashan (Punjabi). 9X Media’s Bollywood news portal, SpotboyE is also part of the deal. Zee Turner Limited ZEEL will also be acquiring the remaining 26% stake in its subsidiary company Zee Turner Limited (ZTL). ZEEL already holds a 74% stake in ZTL, which was incorporated in December 2001 as a joint venture between ZEEL and Turner International India Private Limited. ZTL has been inactive over the past few years and had registered zero turnover in the three previous financial years. Hence, now ZEEL will be buying out the remaining 26% stake comprising 26,000 equity shares of Rs 10…
