Invesco to offload 5.65% in Zee Entertainment through block deals

It has been reported that Invesco is planning to sell a 5.65 percent stake in Zee Entertainment Enterprise Ltd through block deals.

The offer price for offloading the shares is in the range of Rs 199.80 to Rs 208.15 apiece, the persons privy to the development told the news channel.

Zee's largest public shareholder was Invesco, which held an 18 percent stake when it called for Punit Goenka's removal as managing director in September 2021.

Meanwhile, the shares of Zee closed at Rs 208.20 at the BSE on April 13, which was 1.63 percent lower against the previous day's close. The stock market was closed on April 14 on account of Ambedkar Jayanti.

The results of Zee's quarterly period ending March 31, 2023, are also highly anticipated. In the third quarter, the company reported a 91 percent decline in net profit to Rs 24 crore. During the period, its total income remained flat at Rs 2,127 crore.