Ace investor Rakesh Jhunjhunwala’s Rare Enterprises on Tuesday brought shares of Zee Entertainment Enterprises via a bulk deal on the National Stock Exchange (NSE) amid ZEEL’s board room turmoil.
Known as the Big Bull, Jhunjhunwala’s company bought 5 million shares of ZEEL at ₹220.40 per share, according to NSE filing, on the day when its shares soared 40% in a record daily gain after top shareholders called for a management reshuffle, including the exit of its chief executive officer from the board.
Shareholders Invesco Developing Markets Fund and OFI Global China Fund, which together hold a 17.88% stake in Zee, in a letter asked for the removal of CEO Punit Goenka and two others as directors, Zee said late on Monday.
The investors also asked for the appointment of multiple independent directors to the media and entertainment company.
Zee, which has a presence in television broadcasting and digital media with brands such as Zee TV, said it was examining the letter.
The investment firms have also sought the appointment of six of its own nominees on the board of the company – Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli and Gaurav Mehta.
Invesco and OFI Global China has also enclosed the relevant declarations and information required from each of the proposed Independent Directors, which is required while seeking approval from the Ministry of Information and Broadcasting (MIB) while making changes.
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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