Global assets management company Invesco is all set to sell 7.8% of its 18.8% holding in Zee Entertainment Enterprises Ltd. for Rs. 2,172 crore. Invesco Developing Markets Fund, an arm of the US-based outfit, has mandated Kotak Securities to sell nearly 7.5 crore Zee shares through block deals today (April 7). The move comes after Invesco’s efforts to have a greater say in the running of Zee faced legal hurdles since September last and two weeks after it withdrew its demand to oust managing director Punit Goenka from the company. Incidentally, Invesco scored its first victory on March 21, 2022 when the Bombay high court allowed its demand for an extraordinary general meeting to be held. Since Zee was expected to challenge the high court order in the Supreme Court, Invesco two weeks back decided not to pursue the EGM request.
Invesco became the largest shareholder in Zee in August 2019 when it bought additional shares from the promoters who needed funds to retire debt. But Invesco did not get a board position.
