Invesco Exits ZEEL; Sells Entire Stake For Rs 1,004 Crore

Invesco on Monday divested its entire stake -- 5.11 per cent -- in Zee Entertainment Enterprises Ltd (ZEEL) 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 (ZEEL).

According to the bulk deal data available with the BSE, OFI Global China Fund sold more than 4.91 crore shares, amounting to a 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 the March quarter, OFI Global China Fund held more than 4.91 crore shares, equivalent to a 5.11 per cent stake in the Mumbai-based media and entertainment company. Invesco Developing Markets Fund, which is managing the funds of OFI Global China and other funds, was planning to sell its 5.6 per cent stake in ZEEL.

In April last year, Invesco offloaded a 7.74 per cent stake in ZEEL for Rs 2,092 crore through an open market transaction. Earlier, Invesco was the single-largest shareholder in ZEEL, holding around 17.88 per cent in the media major. It had a dispute with the promoters of ZEEL and in September 2021, it called for the removal of the company's managing director Punit Goenka.

Invesco, however, had dropped the demand for Goenka's ouster in May 2022 and has since supported the company's proposed merger with Sony Pictures Networks India. Now, ZEEL is merging with Culver Max Entertainment, which will create India's biggest media empire. It has already received approval from major stakeholders and regulators, including the fair trade regulator CCI. Shares of Zee Entertainment closed 2.11 per cent lower at Rs 203.80 per piece on the BSE.

(PTI)