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Invesco is the most important investor in Zee Leisure and holds 18 per cent of the agency. Will probably be promoting 7.4 crore shares value Rs 2,200 through a block deal on Thursday, sources stated. It should seemingly be promoting shares within the Rs 270-290 vary, sources stated.
Kotak has been appointed because the banker of the deal. The inventory ended at Rs 290.95 on BSE on Wednesday.
Until final month, Invesco was in a dispute with Zee promoters and the corporate over the removing of the MD & CEO and sought an Extraordinary Basic Assembly (EGM). Although finally, it dropped the decision and got here in assist of the Sony and Zee merger as a substitute.
“We proceed to consider this deal in its present type has nice potential for Zee shareholders,” Invesco stated. “We additionally recognise that, following the merger’s consummation, the board of the newly mixed firm might be considerably reconstituted, which can obtain our goal of strengthening board oversight of the corporate.”
Earlier, in its requisition, the offshore investor had requested ZEE’s board to conduct an EGM of the shareholders to vote on the removing of Goenka and two different administrators – who’ve stop since then – and the induction of six new unbiased administrators.
After rejecting the requisition, ZEE had moved to the Bombay Excessive Courtroom and secured an injunction from a single-judge Bench, which was challenged by Invesco.
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