INVESCO SELLS ENTIRE STAKE IN ZEE

By
KOMAL NAHTA

Invesco on April 17 divested its entire stake — 5.1% — in Zee Entertainment Enterprises Ltd. (ZEEL) for Rs. 1,004 crore through the open market. Segantii India Mauritius, Morgan Stanley Asia Singapore and Goldman Sachs Singapore ODI were among the buyers of the shares. US-based investment company Invesco, through its arm OFI Global China Fund, offloaded more than 4.9 crore shares of ZEEL at an average price of Rs. 204.50 per share.
In April last year, Invesco offloaded a 7.7% stake in ZEEL for Rs. 2,092 crore. Earlier, Invesco was the single-largest shareholder in ZEEL, holding nearly 18% in the media major. It had a dispute with the promoters of ZEEL and, in September 2021, called for the removal of the company’s managing director, Punit Goenka. It dropped its ouster demand in May 2022 and had then supported the company’s proposed merger with Sony Pictures Networks India.