Media channel, Zee Entertainment’s (ZEEL) share price dropped by over 3% on Monday as a Chinese fund house exited the company by selling its entire stake for ₹1,004 crore through a block deal. On the other hand, global investors like Morgan Stanley and Goldman Sachs infused capital in the company.
As per BSE’s block deal data, OFI Global China Fund sold 49,112,015 equity shares or 5.11% in ZEEL for ₹204.50 per share. This transaction aggregated to ₹1,004.34 crore.
OFI Global China Fund is among the largest public shareholders in ZEEL.
On the other hand, Morgan Stanley Asia Singapore bought a total of 1.58 crore equity shares of ZEEL for ₹204.50 apiece — aggregating nearly ₹323.83 crore.
Meanwhile, Goldman Sachs Singapore PTE ODI purchased around 64.20 lakh shares amounting to ₹131.3 crore. Segantii India Mauritius bought 9,019,998 equity shares for ₹184.5 crore.
On BSE, ZEEL’s share price closed at ₹203.80 apiece down by 2.11%. The stock was near its day’s low of ₹201.70 apiece. Overall, the stock tumbled by 3.12% on the exchange.
As of April 17th, ZEEL’s market cap is around ₹19,575 crore.
Earlier, it was known that, OFI Global China Fund, LLC, and other funds managed by Invesco’s Developing Markets Equity investment team will sell shares in ZEEL.
As per Trendlyne data, the promoters’ pledge remained unchanged at 5.38% of holdings in March 2023 quarter. While promoters holding also remained unchanged at 3.99% by end of the quarter. However, FPIs/FIIs have trimmed their holdings from 37.33% to 36.39% in the fourth quarter of FY23.
Also, the data showed that the number of foreign investors has reduced to 345 in Q4FY23 from earlier 362 investors.
Additionally, institutional investors also decreased to 74.58% in Q4FY23 from earlier 74.81%.
On the other hand, in Q4FY23, mutual funds increased their holdings in ZEEL shares to 27.88% in Q4FY23 from 26.84% in the previous quarter.