ZEEL clears Rs 600 crore share buyback at Rs 91 apiece; check record date

Zee Entertainment Enterprises Ltd (ZEEL) on Thursday approved a share buyback worth Rs 600 crore at a price of Rs 91 per equity share.

The company's board approved the buyback of up to 65,934,065 fully paid-up equity shares with a face value of Re 1 each. The proposed buyback represents 6.86 per cent of the company's total paid-up equity share capital.

The board also took note of the intention of the promoters and members of the promoter group not to participate in the proposed buyback.

R Gopalan, Chairman at ZEEL, said, "The decision to approve the buy-back of equity shares reflects our confidence in the Company's potential and fundamental strength to capitalize on the opportunities in the future. The Board believes that the Company's intrinsic value is not appropriately reflected in its current market valuation, and the buy-back represents a prudent opportunity to reinforce confidence in the Company’s capabilities to generate long-term value for shareholders. The Board conducted a detailed assessment of the Company's financial position, growth plans and shareholder expectations. The management also presented to the Board an approach being taken for medium to long-term growth of the Company to strengthen its topline and bottomline."

The company has fixed November 25, 2026, as the record date to determine the eligibility of shareholders to participate in the buyback.

The announcement came after market hours on Thursday. Earlier in the day, ZEEL shares rose 3.70 per cent to settle at Rs 73.50 on BSE. At the proposed buyback price of Rs 91, the offer represents a premium of 23.81 per cent over Thursday's closing price.