Zee Learn (ZLL) and Tree House Education & Accessories Led stocks (THEAL) remained in focus on Thursday after the former informed the bourses that the Board of Directors at its June 1 meeting have decided to keep on hold the scheme of amalgamation of THEAL with the company. Shares of Zee Learn soared 7 per cent, whereas stocks of Tree House fell 5.38 per cent intraday.
Tree House Education & Accessories Ltd also informed the exchange that it has received a communication from the Merger Evaluation Committee of Zee Learn Limited (ZLL-MEC) regarding the same.
Zee Learn Ltd will not be going ahead with the currently agreed share exchange ratio of 53 fully paid equity shares of Rs 1 each of Zee Learn Limited for 10 fully paid equity shares of Rs 10 each of Tree House, the company said.
The company also said, “Re-constitution of the Merger Evaluation Committee (MEC) with the authority to look into and suggest ways to salvage the deal with THEAL which will best keep the interest of Zee Learn Ltd’s stakeholders intact.”
Later, the share price of Zee Learn closed 1.38 per cent up at Rs 29.30, while Tree House shares plunged 3.75 per cent to Rs 59. The BSE Sensex settled 129 points, or 0.48 per cent, up at 26,843.