Mumbai, Dec. 27 (PTI): Zee Telefilms has announced a share swap ratio for two of its group companies pursuant to the demerger of its news and cable business.

The company would allot 45.21 fully paid-up equity shares of Re 1 each of Zee News Ltd for every 100 shares of the same value held in Zee Telefilms. Similarly, Zee Telefilms would issue one fully paid equity share of Re 1 each of Wire and Wireless India Ltd for every two of the same value held in the company, Zee Telefilms has informed the Bombay Stock Exchange.

The book closure period for the said allotment commences from December 24-28, (both days inclusive).

According to the scheme of arrangement, Zee Telefilms demerged its cable undertaking into Wire and Wireless India and the regional and news broadcasting undertaking into Zee News Ltd.

Earlier, the company had said both entities — Zee News and Wire and Wireless India — would be listed independently, after relevant approvals from the stock exchange. Listing is likely to be in January 2007.

The Zee group’s demerged entity — Zee Entertainment and Enterprise — began trading on the bourses from December 18.