Sun TV approves merger of Udaya TV except FM business and Gemini TV

Sun TV Ltd has announced that the Board of Directors of the Company has, subject to all requisite approvals and sanctions of the members and statutory and regulatory authorities as may be required approved the composite Scheme of Amalgamation and transfer and vesting of all the undertakings / divisions of Udaya TV Pvt Ltd except the FM Radio division with the Company.

The Board also took on record the suggestions made by M/s. Enam Financial Consultants Pvt Ltd and M/s. DSP Merrill Lynch Ltd and approved the valuation report submitted by the independent Chartered Accountant Mr. N Subramanian and the share exchange ratio as recommended and accepted by the Board is as follows:

1. The share exchange ratio for the Amalgamation of Gemini TV Pvt Ltd is 1.78 equity shares of Rs 10 each of the Company for every equity share of Rs 10 each of Gemini TV Pvt Ltd held by its shareholders. Any fractional shares arising out of the share exchange would be rounded off to the nearest integer.

2. The share exchange ratio for the transfer and vesting of all the undertakings / divisions of Udaya TV Pvt Ltd except the FM Radio division is 19.72 equity shares of Rs 10 each of the Company for every equity share of Rs 10 each of Udaya TV Pvt Ltd held by its shareholders. Any fractional shares arising out of the share exchange would be rounded off to the nearest integer.

Source : Equity Bulls

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