Zee Entertainment shares fall over 3% as Invesco funds to divest as much as 7.8% stake
1 min readShares of Zee Entertainment Enterprises Ltd declined over 3 per cent in morning commerce on Thursday, a day after Invesco funds determined to divest as much as 7.8 per cent stake within the firm.
The inventory went decrease by 3.38 per cent to Rs 281.10 on the BSE.
At the NSE, it declined 2.50 per cent to Rs 283.60.
Invesco on Wednesday stated three funds managed by its creating markets funding workforce, together with Invesco Developing Markets Fund, will promote as much as 7.8 per cent of the share capital of Zee Entertainment Enterprises Ltd (ZEEL) to align exposures to the agency with different funds managed by the workforce.
Invesco, which is the single-largest shareholder in ZEEL, stated after the proposed sale, the three funds managed by its creating markets funding workforce will proceed to personal in combination at the very least 11 per cent of ZEEL.
It underscores the funding workforce’s perception that the Sony deal in its present kind has nice potential for ZEEL shareholders, Invesco stated in an announcement.
“The purpose of this transaction is to align these funds’ exposures to Zee with other funds managed by the investment team and to achieve an aggregate ownership position in the company that is more in line with the investment team’s portfolio construction approach,” the assertion stated.