Zee Entertainment Enterprises Limited (NSEI:ZEEL) entered into agreement to acquire Azalia Broadcast Pvt Ltd. from Reliance Broadcast Network Limited for INR 62.7 million on November 23, 2016. Under the terms of the agreement, the consideration involves issue of 1.27 million preference shares and debt of INR 50 million. In related transactions, Zee Entertainment Enterprises Limited entered into agreement to acquire Big Magic Limited from Reliance Broadcast Network Limited for INR 2.4 billion and Zee Entertainment Enterprises Limited entered into agreement to acquire Reliance Big Broadcasting Pvt Ltd. from Reliance Broadcast Network Limited for INR 490 million. Azalia Broadcast Pvt Ltd. reported turnover of INR 0.6 million for the year ended March 31, 2016. The Board of Directors of Zee Entertainment Enterprises Limited and Reliance Capital approved the transaction. The transaction is subject to approval by equity and preference shareholders of Zee Entertainment Enterprises Limited, Securities and Exchange Board of India, Stock Exchanges, Regional Director of Ministry of Corporate Affairs, the Jurisdictional High Court at Mumbai, Ministry of Information and Broadcasting and any other authority as may be required and expected to close by July 31, 2017. Reliance Capital will use the proceeds to reduce debt. As on April 7, 2017, notice issue to shareholders for meeting regarding this acquisition to be held on May 9, 2017. As on May 9, 2017, Zee Entertainment Enterprises Limited shareholders approve the transaction. On July 13, 2017, Mumbai High Court approved the transaction. Acquisory Consulting LLP acted as financial advisor, KPMG acted as tax advisor, IDBI Capital Market Services Limited acted as fairness opinion advisor and Deepak THM, Anshul Jain Sundeep Dudeja and Kanika Chaudhary Nayar of Luthra & Luthra Law Offices acted as legal advisor for Zee Entertainment Enterprises Limited. EY acted as financial advisor and Siddharth Hariani, Aditya Bhargav, and Yashna Shrawani at Phoenix Legal acted as legal advisor for Reliance Broadcast Network Limited. B S R & Associates LLP acted as an accountant for Zee Entertainment Enterprises Limited and Azalia Broadcast Private Limited in the transaction.