Rakesh Jhunjhunwala, BofA buy Rs 225-crore Zee Entertainment shares

Rakesh Jhunjhunwala’s Rare Enterprises and BofA Securities Europe SA bought Rs 225 crore worth of Zee Entertainment shares on Tuesday, a day the stock surged 40 per cent. Both the transactions took place on the National Stock Exchange of India (NSE), where Zee shares worth Rs 5,209 crore changed hands. 

The stock touched an intra-day high of Rs 270.90 before closing at Rs 261.70 on the NSE. Rare Enterprises bought 5 million shares (0.52 per cent stake) at Rs 220 apiece, totalling Rs 110.20 crore, according to the bulk deals data from exchanges. BofA Securities bought 4.87 million shares (0.51 per cent) at Rs 236 a share, totalling Rs 114.90 crore.

At the end of June 2021 quarter, Bofa Securities held a 1.03 per cent stake in Zee. Rare’s name didn’t feature in the public shareholders list, where only names of those holding at least a 1 per cent stake is disclosed.