The Competition Commission of India has given a conditional approval to the proposed merger of Zee Entertainment and Sony Group's Indian unit.
Also Read: Zee, Sony Unlikely To Take Flagship Channels Off Air To Meet CCI Conditions, Says Elara Capital
The transfer will help Zee promoters shore up their holding to the current 3.99%.
Currently, Essel Group owns exactly as much in Zee Entertainment. The rest is held by public shareholders, led by foreign portfolio investors (39.18%), mutual funds (21.42%), and insurance companies (8.80%).
The proposed merger has already received approval from the stock exchanges, BSE and NSE.
Zee Entertainment said in a statement that "considering the immense value which the proposed merger will generate for all its stakeholders, it has offered the necessary remedies in accordance with the regulator’s guidelines".
Sony Pictures Networks India said in an emailed statement: “We are delighted to receive CCI approvals to merge ZEEL into SPN. We will now await remaining regulatory approvals to finally launch the new merged company."
Also Read: Zee-Sony Deal: The Non-Compete Fee Twist
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