Mumbai: Shares of Zee Learn Ltd on Thursday jumped as much as 7.3% after the company said it will hold the merger with Tree House Education and Accessories Ltd for now on concerns over the swap ratio. It added that it will reconstitute a committee to look at options to salvage the deal.
The stock, which gained for the fourth consecutive session, touched a high of Rs.31 in the morning trading. The scrip closed 1.38% higher at Rs.29.30. Since 27 May, it has gained 4.6%, while it has fallen 25.45% so far this year.
Tree House Education lost 3.75% to Rs.59 apiece on BSE. The stock fell for three out of four sessions. Since 27 May, it has fallen 25%, while so far this year, the stock is down 66.44%.
“Zee Learn Ltd will not be going ahead with the currently agreed share exchange ratio of 53 fully paid equity shares of Re1 each of Zee Learn Ltd for 10 fully paid equity shares ofRs.10 each of Tree House,” the company said in a notice to BSE.
Zee Learn added in the notice that it will reconstitute the merger evaluation committee with the authority to look into and suggest ways to salvage the deal with Tree House, which will keep the interest of its stakeholders intact.
Source: Mint