Shares of Zee Entertainment Enterprises Ltd fell over 3 per cent in morning trade on Thursday, a day after Invesco Funds decided to sell 7.8 per cent stake in the company.
The stock fell by 3.38 per cent to Rs 281.10 on the BSE.
On the NSE, it fell by 2.50 per cent to Rs 283.60.
Invesco on Wednesday said three funds managed by its Developing Markets investment team, including Invesco Developing Markets Fund, will sell up to 7.8 per cent of the share capital of Zee Entertainment Enterprises Ltd (ZEEL) to allow the firm to hedge its exposure with other funds. can be aligned. Team.
Invesco, which is the largest shareholder in ZEEL, said that following the proposed sale, three funds managed by its developing markets investment team will continue to own at least 11 percent of ZEEL.
“This investment underscores the team’s belief that the Sony deal in its current form holds great potential for ZEEL shareholders,” Invesco said in a statement.
“The objective of this transaction is to align Zee’s exposure of these funds with other funds managed by the investment team and achieve a total ownership position in the company that is in line with the investment team’s portfolio building approach,” the statement said. ” ,