Zee Entertainment Enterprises Limited (NSEI:ZEEL) entered into agreement to acquire Reliance Big Broadcasting Pvt Ltd. from Reliance BIG Entertainment Private Limited for approximately INR 490 million on November 23, 2016. Under the terms of the agreement, the consideration involves issue of 0.9 million preference shares worth INR 9 million and debt of INR 485 million. In a related transaction, Zee Entertainment Enterprises Limited entered into agreement to acquire Azalia Broadcast Pvt Ltd. from Reliance Broadcast Network Limited for INR 63 million and Zee Entertainment Enterprises Limited entered into agreement to acquire Big Magic Limited from Reliance Broadcast Network Limited for INR 2.4 billion. Reliance Big Broadcasting Pvt Ltd. reported turnover of INR 611.7 million for the year ended March 31, 2016. 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. The Board of Directors of Zee Entertainment Enterprises Limited approved the transaction. 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. The transaction is expected to close by July 31, 2017. Acquisory Consulting LLP acted as financial advisor, KPMG acted as accountant, 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 advisors for Zee Entertainment Enterprises Limited. B S R & Associates LLP acted as an accountant for Reliance Big Broadcasting Pvt. Ltd. and Zee Entertainment Enterprises Limited in the transaction.