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ETC Networks approved the issue of fresh equity to Zee Telefilms on preferential basis at an extraordinary general meeting held on Tuesday.
The members of ETC Networks have approved issues of upto 22,20,812 equity shares of Rs. 10 each at a premium of Rs. 21.52 per share, aggregating Rs. 6,99,99,994/- to Zee Telefims Ltd. on preferential allotment basis. The Zee board has already approved the investment in equity of ETC. Instead of being a stand-alone broadcaster, ETC Networks will now be part of the strong Zee-Turner bouquet. It will also benefit from financial and business resources of Zee and access to overseas markets, the company claims.
ETC chairperson Mr. Jagjit Singh Kohli said that consolidation of channel interests and co-operation would allow his company to have tremendous opportunities to build on synergies. The Company from being a standalone broadcaster would be a part of a strong Zee Turner bouquet, as a result of which, there would be improved content offerings, that will drive viewership and subscriber fees, he said.
As an immediate benefit of this tie-up, ETC channels will have access to a large pool of resources of Zee in India and abroad. It will also include content, copyrights of films and songs, marketing and sales network internationally. ETC will be able to augment its revenue streams by content syndication and subscriptions from overseas markets especially for its most prestigious and valuable property ?Gurbani?, says the company.
