Zee Entertainment share price rises 15% on stake divestment

Zee-Entertainment

Zee Entertainment Enterprises share price rose 15 percent in the early trade on November 21 after promoters of the media house mulled selling their stake in the company.

Essel Group, a promoter of the company, is looking to sell up to 16.5 percent stake in the media company.

After the transaction, Essel’s holding will come down to five percent in the company, out of which encumbered holding will be 1.1 percent.

The stake sale will be to clear loan obligations to certain lenders of the group.

Also Read – Essel Group to lose controlling stake in Zee Entertainment

Of the 16.5 percent, 2.3 percent will be sold to OFI Global China Fund — a subsidiary of Invesco Oppenheimer Developing Markets Fund — which already held 8.7 percent stake in the media company.

Invesco Oppenheimer Fund – one of the oldest investors of Zee – had in August agreed to buy out an additional 11 percent stake in Zee from its promoters for Rs 4,224 crore. The fund already held a 7.74 percent stake in Zee as of June 2019.

There were 15 crore shares of Zee Entertainment change hands-on NSE at Rs 304 per share.

At 09:20 hrs Zee Entertainment Enterprises was quoting at Rs 340.25, up Rs 33.10, or 10.78 percent on the BSE.

News Source:- Moneycontrol

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