BlackRock sells over 5 lakh shares of Zee Entertainment Enterprises

BlackRock, Inc has decreased its stake in Zee Entertainment Enterprises Ltd (ZEEL) by 0.05 per cent by selling over 5 lakh shares of the company.   In an exchange filing, BlackRock said it sold 5,49,614 shares of ZEEL, equivalent to 0.05 per cent stake in the company, on Thursday through an 'on market transaction'.   BlackRock held 3.03 per cent stake in the company before the transaction, which has now reduced to 2.98 per cent. BlackRock now holds 2.86 crore shares of ZEEL.   Earlier this week, Invesco Developing Markets Fund, which holds a nearly 18 per cent stake in ZEEL, said that it will not pursue the EGM requisition dated September 11, 2021. It also reiterated its support for the Zee-Sony Pictures Networks India merger as currently proposed. Invesco's requisition notice had sought the removal of MD and CEO Punit Goenka from the board of ZEEL.   ZEEL had reported a 25 per cent on-year decline in consolidated net profit at Rs 299 crore for the quarter ending December 31, 2021. The company had posted a net profit of Rs 400 crore in the year-ago period.   Its consolidated total income fell 23 per cent to Rs 2,130 crore versus Rs 2,757 crore a year ago.   Earlier in December Sony Pictures Networks India Pvt Ltd and ZEEL announced that they have signed definitive agreements for their merger following the conclusion of an exclusive negotiation period during which both parties conducted mutual due diligence after an intense boardroom drama ahead of the merger.

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