Zee Entertainment Enterprises declines on large volumes

Zee Entertainment Enterprises slipped 1.36% to Rs 287, amid heavy volumes.

On the BSE 9.43 crore shares were traded in the counter so far compared with average daily volumes of 8.51 lakh shares in the past three months.

On the NSE, 5.68 crore shares were traded in the counter so far compared with average daily volumes of 1.40 crore shares in the past three months.

The media reported that Invesco Developing Markets Fund was looking to sell 7.8% stake in the company via block deals on Thursday. It would reportedly sell 7.4 crore shares, which is worth around Rs 2,200 crore of the stock.

Invesco, which is currently Zee's biggest shareholder, holds a total of 17.88% stake along with OFI Global China Fund LLC.

According to the media reports, Invesco intends to align its 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.

Zee Entertainment Enterprises (ZEEL) is a media & entertainment company offering entertainment content to diverse audiences. It is present across broadcasting, movies, music, digital, live entertainment, and theatre businesses, both within India and overseas.

ZEEL's consolidated net profit fell 25.30% to Rs 298.73 crore on 22.60% decline in net sales to Rs 2,112.64 crore in Q3 December 2021 over Q3 December 2020.

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