Invesco offloaded 5.11% stake in ZEEL at an average price of ₹204.50 apiece, which was acquired by Goldman Sachs Singapore, Morgan Stanley Asia Singapore, and Segantii India Mauritius.
In January this year, the artistes’ body filed a petition at the NCLT to initiate an insolvency process against Zee Entertainment, seeking payment of ₹211.41 crore.
The stock had fallen 15% in the last six sessions after the NCLT last week allowed initiation of insolvency proceedings against the Essel Group company.
The NCLT has admitted a petition filed by IndusInd Bank after ZEEL failed to fulfil its debt obligations regarding payment of ₹83 crore loan issued to Siti Networks.
Industry observers hardly find the move surprising. Sources say former Zee chairman Subhash Chandra’s micro-management of ZEE from outside angered the investors.
Chandra’s resignation as Zee’s chairman marks the end of an era in which he pioneered the growth of private sector broadcast TV in the country. He will remain a board member.
Punit Goenka to reportedly continue as MD and CEO, though it remains to be seen whether the Essel Group will still be classified as promoters with a residual 5% stake.