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Singapore govt, monetary authority increase stake in Zee Entertainment

The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations

Press Trust of India  |  New Delhi 

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The Singapore government and Monetary Authority of Singapore have hiked their total holding in Enterprises Ltd (ZEEL) to 8.44 per cent by acquiring shares through secondary market placement, according to a regulatory filing by the company.

GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) acquired a total of 2.85 crore shares, amounting to 2.967 per cent stake in ZEEL on November 21.

While GOS acquired 1,44,76,963 shares aggregating 1.507 per cent stake, MAS acquired 1,40,23,037 shares accounting for 1.46 per cent shareholding, the filing said.

Based on the closing price of Rs 345.25 per share on BSE on the day of acquisition, the transaction is valued at over Rs 980 crore.

Before the acquisition, GOS held 4.28 per cent stake, while MAS' stake stood at 1.193 per cent aggregating to a total of 5.473 per cent, ZEEL added.

The Subhash Chandra-led cash-starved Essel Group on November 20 said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.

In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.

Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.

First Published: Mon, November 25 2019. 18:45 IST
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