Updated: Apr 15
Insider sources have revealed that global investment firm Invesco is planning to offload its 5.65 percent stake in Zee Entertainment Enterprise Ltd through block deals.
The offer price for the shares is expected to be between Rs 199.80 to Rs 208.15 apiece, which would make the total offer size of Invesco's stake sale approximately Rs 1,130 crore.
Previously, Invesco, along with its linked funds, was the largest public shareholder in Zee with an 18 percent stake in September 2021. However, it had called for the removal of the company's managing director Punit Goenka and subsequently dropped the demand in May 2022. In October of the same year, Invesco sold a 5.5 percent stake at a price of Rs 1,396 crore.
Zee's shares closed at Rs 208.20 on the BSE on April 13, down 1.63 percent from the previous day's close, while the company's quarterly results for the period ending March 31, 2023, are eagerly awaited. In the third quarter, Zee reported a 91 percent year-on-year decline in net profit to Rs 24 crore, with total income remaining flat at Rs 2,127 crore.