Invesco, Others Sell Zee Shares Worth Rs 1,396 Crore
A clutch of mutual funds, foreign investors and insurance companies bought the shares.
Investment firm Invesco and OFI Global China along with other entities sold 5.51% in Zee Entertainment Ltd. for more than Rs 1,396 crore through open transactions.
A total of 5,29,35,068 shares of the company were offloaded at a price of Rs 263.7 apiece, according to block deal data available with the National Stock Exchange.
OFI Global China and funds managed by Invesco offloaded a total of 5.46% stake. The funds are Invesco Developing Markets Fund, Invesco Emerging Markets Equity Trust, MML Strategic Emerging Markets Fund and Invesco Emerging Markets Equity Trust.
Besides, PF Emerging Markets Fund and Emerging Markets of the Pacific Select Fund sold ZEEL shares, as per the data.
The total transaction value is more than Rs 1,395.89 crore.
At the end of the June quarter, OFI Global China owned 10.14% stake in the company.
A clutch of mutual funds, foreign investors and insurance companies bought the shares.
They include Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, ICICI Prudential Mutual Fund, BofA Securities SA and Copthall Mauritius Investment.
ZEEL's shares closed 2.88% higher at Rs 271.30 on NSE on Tuesday.
Earlier this month, the Competition Commission of India gave its conditional approval for the proposed merger between media groups ZEEL and Sony.