The scrip rose to a high of Rs 321.50 as against the previous close of Rs 312.40 on the National Stock Exchange.
The two companies had announced a merger in September of their India businesses with Sony being given the majority stake.
“I certainly believe that consolidation is going to benefit the industry overall. Zee and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis will be close to $2 billion, and the capital growth that Sony is going to infuse in the merge entity will really give us the opportunity to invest in premium content including sports,” reports quoted Goenka as saying at an event on Tuesday.
Over the last couple of months Zee, which is India’s largest traded entertainment network, has been embroiled in a bitter battle over management and governance issues with US-based Invesco Developing Markets Fund.
In September, Invesco had served a notice on ZEE for an extraordinary general meeting to recast the board and remove Punit Goenka (son of Zee’s founder Subhash Chandra) as the CEO and MD following charges of corporate governance issues.
Subsequently, Invesco Developing Markets Fund moved the National Company Law Tribunal against the media giant for not calling an extraordinary general meeting that they had sought.
