Invesco to offload 52.93 million shares in Zee for up to Rs 1,396 cr
In March, Invesco had withdrawn its demand seeking removal of managing director and chief executive Punit Goenka from ZEE's board and reiterated its support for the company's proposed merger with Sony Pictures Networks India, ending months of a le...
By ET Bureau | Updated:
IANSHINDI
US investment firm Invesco Developing Markets Fund is set to offload 52.93 million shares, or an around 5.51% stake, in Zee Entertainment Enterprises (ZEE) for up to ₹1,395.9 crore.
Invesco, which owns over 10.2% in ZEE, is selling more than half of its stake in the deal, to be priced in the range of ₹250.0-263.7 a share. At the upper end of the range, the price is at a 0.6% discount to the stock's closing price of ₹265.4 on the BSE on Monday.
Kotak Securities is acting as the sole broker for the secondary share sale.
The shares, held by OFI Global China Fund and other funds managed by Invesco's Developing Markets Equity investment team, will be sold on stock exchange deals.
An email sent to Invesco seeking comment remained unanswered at press time Monday. A ZEE spokesperson declined to comment.
In April, Invesco had sold 74.3 million shares of ZEE, amounting to a 7.74% stake in the company, at an average price of ₹281.46 per share for ₹2,092 crore in bulk deals.
In March, Invesco had withdrawn its demand seeking removal of managing director and chief executive Punit Goenka from ZEE's board and reiterated its support for the company's proposed merger with Sony Pictures Networks India, ending months of a legal standoff between the fund and the media company.
Invesco, which owns over 10.2% in ZEE, is selling more than half of its stake in the deal, to be priced in the range of ₹250.0-263.7 a share. At the upper end of the range, the price is at a 0.6% discount to the stock's closing price of ₹265.4 on the BSE on Monday.
Kotak Securities is acting as the sole broker for the secondary share sale.
The shares, held by OFI Global China Fund and other funds managed by Invesco's Developing Markets Equity investment team, will be sold on stock exchange deals.
An email sent to Invesco seeking comment remained unanswered at press time Monday. A ZEE spokesperson declined to comment.
In April, Invesco had sold 74.3 million shares of ZEE, amounting to a 7.74% stake in the company, at an average price of ₹281.46 per share for ₹2,092 crore in bulk deals.
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In March, Invesco had withdrawn its demand seeking removal of managing director and chief executive Punit Goenka from ZEE's board and reiterated its support for the company's proposed merger with Sony Pictures Networks India, ending months of a legal standoff between the fund and the media company.
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