HomeMarketsIndian MarketsZee sees large block deal amid reports of Invesco dumping 5.6% stake;...

Zee sees large block deal amid reports of Invesco dumping 5.6% stake; Shares trade flat

Approximately 54.30 million shares, representing a 5.6% stake in Zed Entertainment Enterprises Ltd., were exchanged in massive block trades, representing a massive block transaction. However, information regarding the purchasers and vendors was unknown.

The stock was trading unchanged at Rs 208.20 from its previous close, whereas India’s benchmark Sensex declined 1.22 percent, or 738 points, to 59692 points.

OFI Global China and other funds managed by Invesco Developing Markets Fund plan to sell their 5.6% stake in Zed Entertainment Enterprises, according to news reports. It is anticipated that shares will be sold between Rs. 199.80 and Rs. 208.15 per share.

In September 2021, when it called for the dismissal of the company’s managing director, Punit Goenka, Invesco, along with its affiliated funds, was the largest public shareholder in Zed, with a maximum 18 percent stake.

In May 2022, however, Invesco abandoned its demand for Goenka’s removal and has since supported the company’s proposed merger with Sony Pictures Networks India. In March of last year, Invesco sold 74.3 million shares of ZEEL, or 7.74 percent of the company, at an average price of Rs 281.46 per share, for a total of Rs 2,092 crore. Additionally, it sold a 5.5% stake in October last year. The stake was disposed of for Rs 1,396 billion.

The Zed quarterly results for the quarter ending March 31, 2023, will also be closely monitored. The company’s third-quarter net profit decreased by 91 percent year-over-year to Rs 24 crore. Its total revenue for the period remained unchanged at Rs 2,127 crore.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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