Zee Entertainment share price falls over 7% after Invesco Oppenheimer buys 11% stake for Rs 4,224 crore
Zee Entertainment Enterprises share price has been losing for the last four days and has fallen 15.34% in the period.
- Aug 1, 2019,
- Updated Aug 1, 2019 10:04 PM IST
Zee Entertainment Enterprises share price fell in trade today after Subhash Chandra's Essel Group agreed to sell an 11% stake in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 4,224 crore to Invesco Oppenheimer Developing Markets Fund. Zee Entertainment Enterprises share price fell 7.04% to an intraday low of Rs 336 on BSE today.
Zee Entertainment Enterprises share price has been losing for the last four days and has fallen 15.34% in the period. Zee Entertainment Enterprises share has lost 27.12% since the beginning of his year and 34% during the last one year. The large cap share is trading below its 50-day and 200-day moving average of 353 and 394 level in today's trade.
Invesco Oppenheimer Developing Markets Fund already has an 8 per cent stake in Zee that takes its total holding up to 19 per cent. The stake sale has come through at a premium of 10 per cent, which is 15-20 per cent lower than what the market had speculated.
Controlling shareholders of the broadcaster may have to look to raise more funds in an attempt to pay off debts before a September deadline. Essel Group needs to pay lenders Rs 7,500 crore by September 30.
Edited by Aseem Thapliyal
Zee Entertainment Enterprises share price fell in trade today after Subhash Chandra's Essel Group agreed to sell an 11% stake in Zee Entertainment Enterprises Ltd (ZEEL) for Rs 4,224 crore to Invesco Oppenheimer Developing Markets Fund. Zee Entertainment Enterprises share price fell 7.04% to an intraday low of Rs 336 on BSE today.
Zee Entertainment Enterprises share price has been losing for the last four days and has fallen 15.34% in the period. Zee Entertainment Enterprises share has lost 27.12% since the beginning of his year and 34% during the last one year. The large cap share is trading below its 50-day and 200-day moving average of 353 and 394 level in today's trade.
Invesco Oppenheimer Developing Markets Fund already has an 8 per cent stake in Zee that takes its total holding up to 19 per cent. The stake sale has come through at a premium of 10 per cent, which is 15-20 per cent lower than what the market had speculated.
Controlling shareholders of the broadcaster may have to look to raise more funds in an attempt to pay off debts before a September deadline. Essel Group needs to pay lenders Rs 7,500 crore by September 30.
Edited by Aseem Thapliyal