Zee Entertainment share price: Zee Entertainment slips 3% as Invesco offloads stake
Robert D. Thompson
2 min read
Reports indicate that the three funds managed by Invesco’s developing markets investment team include Invesco Developing Markets Fund.
The Zee certificate touched a low of Rs 281.10 against Rs 290.95 at the previous close on BSE.
Invesco is the biggest investor in Zee Entertainment and owns 18% of the company. It will sell 7.4 crore of shares worth Rs 2,200 via a block deal on Thursday, sources said citing news. It will likely sell shares in the Rs 270-290 range, sources said.
Kotak was appointed banker for the transaction. The action ended at Rs 290.95 on BSE on Wednesday.
Until last month, Invesco was in a dispute with the promoters of Zee and the company over the removal of the chief executive and CEO and called for an extraordinary general meeting (EGM). Although eventually he dropped the appeal and instead backed Sony and Zee’s merger.
“We continue to believe that this agreement in its current form has great potential for Zee shareholders,” Invesco said.
“We also recognize that following completion of the merger, the board of directors of the newly combined company will be substantially reconstituted, which will achieve our goal of strengthening board oversight of the company.”
Earlier, in its requisition, the offshore investor had asked ZEE’s board to organize a shareholders’ EGM to vote on the dismissal of Goenka and two other directors – who have since resigned – and the induction of six new independent directors.
