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Motilal Oswal Report
The post-money merger ratio is 47.07% for Zee Entertainment Enterprises Ltd. and 53.93% for Sony Pictures Network Ltd.
On a pre-money basis (excluding the $1.6 billion equity infusion by Sony), the merger ratio would be 61.25% for Zee Entertainment and 38.25% for Sony.
At Zee Entertainment's current market cap, this implies post-money enterprise value of Rs 697 billion for the merged entity and Rs 369 billion for Sony (as it is an unlisted company).
Alternately, valuing the incremental stake of 14.18% at Rs 113.4 billion, the implied value of the merged entity works out to Rs 800 billion.
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