Zee Entertainment share price falls over 7% after Invesco Oppenheimer buys 11% stake for Rs 4,224 crore

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