Zee Entertainment Enterprises Ltd (ZEEL) today said its proposed acquisition of two media entities, 9X Media Pvt Ltd and INX Music Pvt Ltd, have been called off due to non-completion of certain material conditions.
Last year in October, the company had announced that it would acquire 100 per cent stake in 9X Media and INX Music in a Rs 160-crore cash deal.
As per the proposal, ZEEL was to acquire 91,453,000 equity shares of Rs 10 each of 9X Media for a consideration of Rs 155.20 crore. Besides, it was also to acquire 13,39,556 equity shares of Rs 10 each of INX Music constituting 29.15 per cent stake for Rs 4.80 crore.
The remaining 70.85 per cent in INX Music stake is owned by 9X Media and therefore consequent to the transaction, INX will become a wholly-owned subsidiary of ZEEL, the company had said then.
"In this regard, we wish to inform you that the said acquisition deal has been terminated/ called-off by the Company inter alia due to non-completion of certain material conditions precedent," ZEEL said in a regulatory filing.
It, however, did not elaborate what were the precedent material conditions.