Invesco on Monday divested its entire stake — 5.11 per cent — in Zee Entertainment Enterprises Ltd for Rs 1,004 crore through an open market transaction.
Segantii India Mauritius, Morgan Stanley Asia Singapore Pte and Goldman Sachs Singapore Pte ODI were among the buyers of the shares.
US-based investment firm Invesco, through its arm OFI Global China Fund LLC, offloaded the shares in Zee Entertainment Enterprises Ltd.
According to the bulk deal data available with the BSE, OFI Global China Fund sold more than 4.91 crore shares, amounting to 5.11 per cent stake in the firm.
The shares were disposed at an average price of Rs 204.50 apiece, taking the transaction value to Rs 1,004.34 crore.
As of March quarter, OFI Global China Fund held more than 4.91 crore shares, equivalent to 5.11 per cent stake in the Mumbai-based media and entertainment company.
Shares of Zee closed 2.11 per cent lower at Rs 203.80 apiece on the BSE.
In October, Invesco and OFI Global China along with other entities sold 5.51 per cent in Zee for more than Rs 1,396 crore through open transactions. A total of 5.3 crore shares of the company were offloaded at a price of Rs 263.7 apiece on the NSE.
In March 2022, Invesco dropped its plans to topple Zee Entertainment Enterprises’ MD Punit Goenka and recast the media entity’s board of directors.
The foreign investor — which embarked on an aggressive plan to oust Goenka and his cohorts on the ZEEL board — said it would back the plan to merge Sony and Zee. In a statement, Invesco said this deal had “great potential for Zee shareholders”.
“We also recognise that, following the merger’s consummation, the board of the newly combined company will be substantially reconstituted, which will achieve our objective of strengthening board oversight of the company.”