Zee Media Corporation has given approval to sale of its entire stake in subsidiary company, Ez-Mall Online.

The company’s board at its meeting held on June 28, has given approval to sale of its entire equity stake constituting of 4 crore equity shares of Re.1 each, in its wholly owned subsidiary Ez-Mall Online to Altilis Technologies, a Promoter group entity, at an aggregate consideration of Rs.8.60 crore.

It has also given approval to substitution of company’s investment of Rs.21.50 crore in the optionally convertible debentures of Ez-Mall into non-convertible debentures of equivalent value of Ez-Mall. The transaction does not require execution of any agreement or any regulatory approval. Further, the sale is expected to conclude within 7 working days.

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