Zee Ent slips 4% as it seeks to extend deadline for merger with Sony

Shares of Zee Entertainment Enterprises declined 3.9 per cent to Rs 266 apiece on the BSE in Monday’s intraday trade after the company, on Sunday, sought an extension to complete its proposed merger with Sony India.

The request to extend the deadline comes just a day after two independent directors were unable to secure the re-appointment of the company’s board. The cutoff date for concluding the merger is December 21.

“Pursuant to the Merger Cooperation Agreement dated December 22, 2021, entered into amongst the Company, Bangla Entertainment Private Limited (BEPL), and Culver Max Entertainment Private Limited (CMEPL), the Company has requested CMEPL,