HomeMarketsInvesco to sell 5.65% stake in Zee Entertainment via block deals: Sources

Invesco to sell 5.65% stake in Zee Entertainment via block deals: Sources

According to CNBC TV-18 on April 14, global investment company Invesco is planning to sell a 5.65 percent interest in Zed Entertainment Enterprise Ltd. via block agreements.

According to those familiar with the situation, the offer price for the shares is between Rs 199.80 and Rs 208.15 per share.
This brings the overall sum of Invesco’s equity sale offer to roughly Rs 1,130 crore.

Invesco, together with the funds affiliated with it, was the biggest public stakeholder in Zed, with up to an 18 percent interest in September 2021, when it demanded the resignation of the company’s managing director, Punit Goenka.

Invesco, on the other hand, had suspended its demand for Goenka’s ouster in May 2022 and later sold a 5.5 percent share in October last year. The share was sold for a total of Rs 1,396 crore.
Meanwhile, Zed’s shares finished at Rs 208.20 on the BSE on April 13, down 1.63 percent from the previous day’s closing. On April 14, the stock market was closed in observance of Ambedkar Jayanti.

Zed’s quarterly earnings for the fiscal year ending March 31, 2023, will likewise be closely scrutinised. In the third quarter, the firm recorded a 91 percent year-on-year drop in net profit to Rs 24 crore. During the period, its overall revenue remained steady at Rs 2,127 crore.

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