Invesco To Sell Entire 5.65% Stake In Zee Ent

Two people with direct knowledge of the matter confirmed that Invesco is set to exit the company on Monday, 17 April, via bulk deals and has hired Kotak Securities as the broker for the secondary share sale.

The shares are expected to be sold in the price range of ₹199.80 to ₹208.15 per equity share.

The top end is at a 0.4% discount on the closing price of ₹208.95 per share on BSE on Thursday.

OFI Global China Fund, LLC, and other funds managed by Invesco’s Developing Markets Equity investment team will sell the shares.

Invesco has been reducing its holding in ZEE since it withdrew its demand seeking the removal of managing director Punit Goenka from ZEEL’s board last year while supporting the company’s proposed merger with Sony Pictures Networks India. This was after months of a legal tussle between the offshore investor and the media company. In March last year, Invesco sold 74.3 million shares of ZEEL, amounting to 7.74% stake in the company at an average price of ₹281.46 per share for ₹2,092 crore in bulk deals.