Zee Entertainment shares drop 4% on divestment buzz
The scrip declined 4.08 per cent to hit a low of Rs 420.30 on the BSE early on Wednesday.
By ETMarkets.com |
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NEW DELHI: Shares of Zee Entertainment fell 4 per cent on Wednesday after the Subhash Chandra-led promoters showed their keenness in selling or divesting up to 50 per cent of their equity stake in the company to a strategic partner.
The partner will pursue disruptive technological development and transform the business of Zee Entertainment into tech-media company, the company said in a filing.
The scrip declined 4.08 per cent to hit a low of Rs 420.30 on the BSE early on Wednesday.
“The proposed transaction is expected to address the Essel Group's capital allocation priorities and will allow Zee shareholders to capture the full value of India's largest entertainment broadcaster with an ever-strengthening bouquet,” the company said.
Essel has appointed Goldman Sachs Securities its investment banker and LionTree international strategic advisor for this exercise.
The partner will pursue disruptive technological development and transform the business of Zee Entertainment into tech-media company, the company said in a filing.
The scrip declined 4.08 per cent to hit a low of Rs 420.30 on the BSE early on Wednesday.
“The proposed transaction is expected to address the Essel Group's capital allocation priorities and will allow Zee shareholders to capture the full value of India's largest entertainment broadcaster with an ever-strengthening bouquet,” the company said.
Essel has appointed Goldman Sachs Securities its investment banker and LionTree international strategic advisor for this exercise.
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