Invesco Developing Market Funds has decided to sell up to 7.8 per cent of its stake in Zee Entertainment Enterprises Ltd (ZEEL) via a block deal Thursday. It will sell 7.74 crore shares, which is worth around Rs 2,200 crore.
This comes after a battle with ZEEL for several months over board-level changes.
The price will range between Rs 270.50-290.90 per share and Kotak Mahindra Bank will be the banker for the block deal. This means the share sale will happen at a discount of up to 7 per cent to the Wednesday’s closing price of Rs 290.95 on the BSE.
Invesco, alongwith OFI Global China Fund, is currently the largest shareholder in Zee with a total stake of 17.88 per cent.
“Three funds managed by Invesco’s Developing Markets investment team, including Invesco Developing Markets Fund, are launching a bookbuild transaction today to sell up to 7.8 per cent of the share capital of Zee Entertainment…,” Invesco said in a statement. “Upon completion of the bookbuild, funds managed by Invesco’s Developing Markets investment team, including Invesco Developing Markets Fund, will continue to own in aggregate at least 11 per cent of Zee, underscoring the investment team’s belief that the Sony deal in its current form has great potential for Zee shareholders,” it added. fe
