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

Zee Entertainment Enterprises Ltd saw a huge block deal where around 54.30 million shares or 5.6 percent stake of the company changed hands in bunch trades. However, details of the buyer and sellers were not known.

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Zee Entertainment Enterprises Ltd saw a huge block deal where around 54.30 million shares or 5.6 percent stake of the company changed hands in bunch trades. However, details of the buyers and sellers were not known.

The stock, meanwhile, was trading flat at Rs 208.20 from its previous close while India’s benchmark Sensex fell 1.22 percent or 738 points to 59692 points.

According to news reports, OFI Global China and other funds managed by Invesco Developing Markets Fund were planning to sell its 5.6 percent stake in Zee Entertainment Enterprises. Shares are expected to be sold in the range of 199.80-208.15 a share.

Invesco, along with the funds linked to it, was the largest public shareholder in Zee and held as high as an 18 percent stake in September 2021, when it had called for the removal of the company’s managing director Punit Goenka.

Invesco, however, had dropped the demand for Goenka’s ouster in May 2022 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, which amounted to a 7.74 percent stake in the company, in bulk deals at an average price of Rs281.46 per share for a total of Rs2,092 crore. It also sold a 5.5 percent stake in October last year. The stake was offloaded at a price of Rs 1,396 crore.

Zee’s quarterly results for the period ending March 31, 2023, also remain to be keenly watched out for. The company had, in the third quarter, reported a 91 percent on-year slump in net profit to Rs 24 crore. Its total income during the period was flat at Rs 2,127 crore.