zee Entertainment share price: Zee Entertainment jumps 6% after over-the-counter block trade

U.S. investment firm Invesco Developing Markets Fund is seeking to sell 52.93 million shares (52.3 million shares), or about 5.51 percent, of the media giant, which will merge with Sony Pictures Networks (SPN).

Invesco owns a 10.2% stake in ZEEL, with more than half of its stake in the range of Rs 250-263.7 crore per share, with a total of Rs 1,395.9 crore at the upper end of the range.

However, the floor price represents a discount of about 0.6% to 5.2% to the previous closing price.of shares Ze Entertainment The price was Rs 265.4 on the BSE on Monday.

525 million shares, according to ET NOW Ze Entertainment exchanged hands in a block trade on Tuesday, signaling that a block trade has occurred. However, ETMarkets.com has not been able to independently confirm this.

Shares of Zee Entertainment rose more than 6 percent to Rs 279.75 after the update before trading at Rs 273.70 at 9.50 am.

Shares held by OFI Global China Fund and other funds managed by Invesco’s developing markets equity investment team have reportedly been sold on stock exchanges.

Domestic broker Kotak Securities acted as the sole broker for the issuance, with a transaction size of 52,935,068 shares.

In April, Invesco sold 74.3 million ZEE shares, representing a 7.74% stake in the company, for Rs 20.92 crore at an average price of Rs 281.46 per share in a block transaction.

In March, Invesco withdrew its request to remove managing director and chief executive Punit Goenka from ZEE’s board and reiterated its support for the company’s proposed merger with Sony Pictures Networks India, ending the fund’s relationship with the media company. The legal standoff of the month.

Global brokerage CLSA has a buy rating on ZEEL with a target price of Rs 316, while domestic brokerages

Coverage has started on ZEEL with a Buy rating and a target price of Rs 370.

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