Entertainment Nework India Ltd to acquire Gaana

Entertainment Network (India) Limited had, on October 20, 2023, announced about the board approval for execution of a Business Transfer Agreement ('BTA') with Gamma Gaana Limited ('GGL') for acquisition of the business undertaking of GGL relating to the business of licensing music audio content and hosting and streaming services under the name 'Gaana', on a going concern basis through a slump sale [the 'Transaction'].

The Company has, on December 1, 2023, executed the BTA with GGL.

The Company has agreed to purchase the business undertaking (as described above), for a lump sum cash consideration of Rs. 25,00,000 (Rupees twenty five lakhs only). The Transaction stands completed with effect from December 1, 2023.

Shares of Entertainment Network (India) Limited was last trading in BSE at Rs. 185.85 as compared to the previous close of Rs. 191.85. The total number of shares traded during the day was 5764 in over 311 trades.

The stock hit an intraday high of Rs. 193.65 and intraday low of 185.00. The net turnover during the day was Rs. 1079149.00.

Source : Equity Bulls

Keywords

EntertainmentNetworkIndia INE265F01028 Gaana Acquisition