ZEE Entertainment Enterprises Limited (ZEEL) is set to acquire an 80% stake in technology start-up Margo Networks for Rs. 75 crore.
In a filing to Bombay Stock Exchange, ZEEL said the board of the company gave in-principle approval for acquisition of 80 percent stake in Margo Networks Pvt Ltd at a consideration of Rs 75 crore.
It added, “Considering the strong synergies of the technology developed by Margo with the current business of the company, the board of directors of the company has approved acquisition of equity stake in Margo.”
Margo is in the first year of its operation and the paid up equity capital stands at Rs 1 lakh.
The investment by ZEEL is expected to be concluded within 30 days.