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Invesco sells 7.8% of its stake


Investment firm Invesco Developing Markets Fund will sell a 7.8% aggregate stake in Zee Entertainment Enterprises Ltd (ZEEL) for up to Rs 2,171 crore via a block deal tomorrow (April 7).

The shares are offered between Rs 270 and Rs 290 each, which represents a discount of 7% compared to the current market price. Kotak Securities is the sole accounting manager of the operation.

Shares of Zee Entertainment Enterprises ended at Rs 290,950, down Rs 9.10, or 3.03% on BSE. Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises, has an 18% stake in the company.

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After the bookbuild is complete, funds managed by the Invesco Developing Markets investment team, including the Invesco Developing Markets Fund, will continue to hold at least 11% of ZEEL, underscoring the team’s belief in investment that the Sony deal in its current form has great potential for Zee. shareholders.

Last month, the Bombay High Court allowed an appeal filed by Invesco Developing Markets Fund against a single-judge order granting an interim injunction over the holding of an EGM to remove Zee CEO Punit Goenka. A Divisional Bench of Justices SJ Kathawalla and Milind Jadhav overturned and vacated the October 2021 Single Bench Order.

In September 2021, Invesco had asked Zee’s board to hold an extraordinary general meeting (AGE) on the grounds that it believed the business was not performing as well as desired.

The company has sought to remove three directors from Zee’s board, including managing director and chief executive officer (CEO) Punit Goenka.

When Zee refused to comply with the claim, Invesco filed a claim with the National Company Law Tribunal (NCLT) in Mumbai, which ordered Zee to consider the claim in accordance with the law. Zee then went to the High Court, asking for a declaration that Invesco’s notice of requisition to hold the EGM was unlawful and invalid.

A single bench of Judge Gautam Patel had in October 2021 in an interim order granted an injunction against the holding of the EGM. Subsequently, Invesco appealed against the interim injunction order on the grounds that the High Court lacked jurisdiction to hear the case and should have been heard and decided by the NCLT.

(Edited by : Jomy Jos Pullokaran)

First post: STI


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