Rakesh Jhunjhunwala: Rakesh Jhunjhunwala buys stake in Zee Entertainment amid board room tussle

MUMBAI: Renowned investor Rakesh Jhunjhunwala’s Rare Enterprises today bought shares of Enterprises through a bulk deal on the National Stock Exchange.

Jhunjhunwala’s investment firm bought 5 million shares of the company at Rs. 220.4 per share on a day when the stock soared 40 per cent.

Zee Enterprises is currently going through a board room tussle between the current management and its two largest shareholders Invesco Developing Markets Fund and OFI China Fund. On Monday, Invesco called for an extraordinary general meeting seeking to remove some existing board members including Chief Executive Officer Punit Goenka and at the same time appointing new independent directors.

Zee Entertainment is obliged to organized the EGM sought by Invesco within the next 21 days or Invesco could hold it on its own in 45 days. The resolutions posed by Invesco will require a simple majority to be passed. Invesco along with OFI China currently hold 17.88 per cent stake in the broadcasting company.

BofA Securities Europe was another marquee investor that bought shares of the broadcasting company today. BofA Securities bought 4.86 million shares of the company at Rs. 236.2 apiece through a bulk deal on the NSE.

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