Invesco exits Zee Ent; sells entire stake for ₹1,004 cr at ₹204.5 per share

US-based investment company Invesco has divested its entire 5.11 per cent stake in Zee Entertainment Enterprises Ltd (ZEEL) for ₹1,004 crore via an open market transaction at an average price of ₹204.50 per share on Monday. Shares of ZEEL settled 2.11 per cent lower at ₹203.80 apiece on the BSE in Monday's trade.

Segantii India Mauritius, Morgan Stanley Asia Singapore Pte and Goldman Sachs Singapore Pte ODI were among the buyers of the shares.

Invesco has offloaded the shares in the Mumbai-based media and entertainment firm through its arm OFI Global China Fund LLC.

OFI Global China Fund sold over 4.91 crore shares, amounting to a 5.11 per cent stake in the company, as per bulk deal data available with the stock exchange.

As of the March quarter, OFI Global China Fund held over 4.91 crore shares, equivalent to a 5.11 per cent stake in ZEEL.

Invesco Developing Markets Fund, which is managing the funds of OFI Global China and other funds, was planning to sell its 5.6 per cent stake in ZEEL.

In April 2022, Invesco offloaded a 7.74 per cent stake in ZEEL for ₹2,092 crore through an open market transaction.

Earlier, Invesco was the single-largest shareholder in ZEEL, holding around 17.88 per cent in the media major.

It had a dispute with the promoters of ZEEL and in September 2021, it called for the removal of the company's managing director Punit Goenka.

Invesco, however, had dropped the demand for Goenka's ouster in May last year and has since supported the firm's proposed merger with Sony Pictures Networks India.

Now, ZEEL is merging with Culver Max Entertainment, which will create the country's biggest media empire. It has already received approval from major stakeholders and regulators, including the antitrust body CCI.

With PTI inputs