MUMBAI : Invesco Growing Markets Fund, an investor in Zee Leisure Enterprises Ltd (ZEEL), is poised to promote its complete 5.65% stake within the firm for as a lot as ₹1,130 crore. In October, Invesco bought 5.51% of ZEEL for round ₹1,395.9 crore, paring its shareholding within the Indian broadcaster to five.65%.
Two folks with direct information of the matter confirmed that Invesco is ready to exit the corporate on Monday, 17 April, through bulk offers and has employed Kotak Securities because the dealer for the secondary share sale.
The shares are anticipated to be bought within the value vary of ₹199.80 to ₹208.15 per fairness share.
The highest finish is at a 0.4% low cost on the closing value of ₹208.95 per share on BSE on Thursday.
OFI World China Fund, LLC, and different funds managed by Invesco’s Growing Markets Fairness funding staff will promote the shares.
Invesco has been decreasing its holding in ZEE because it withdrew its demand in search of the elimination of managing director Punit Goenka from ZEEL’s board final yr whereas supporting the corporate’s proposed merger with Sony Footage Networks India. This was after months of a authorized tussle between the offshore investor and the media firm. In March final yr, Invesco bought 74.3 million shares of ZEEL, amounting to 7.74% stake within the firm at a median value of ₹281.46 per share for ₹2,092 crore in bulk offers.
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Supply: Live Mint