ZEEL shares surge around 12%

New Delhi: Shares of ZEE Entertainment Enterprises Ltd (ZEEL) on Tuesday surged nearly 12 per cent after the company and Sony Pictures Networks India settled their six-month-long dispute related to the failed $10-billion merger. The stock jumped 11.45 per cent to settle at Rs 150.85 apiece on the BSE. During the day, it zoomed 14.25 per cent to Rs 154.65. On the NSE, shares of the firm soared 11.61 per cent to Rs 150.90 each. The company’s market valuation climbed Rs 1,488.81 crore to Rs 14,489.44 crore. ZEEL and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed $10-billion merger and have agreed to withdraw all claims against each other. As part of the “comprehensive non-cash settlement” between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both “have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums,” a joint statement said.