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Zee Shares : Rakesh Jhunjhunwala invests in 5 Million shares In the midst of a boardroom fight.

Zee Shares:BofA also purchased 4.86 million shares (0.51 percent ownership) at Rs 236 a share for Rs 114.9 crore.

intrdouction

According to stock market records, Bofa Securities and Rakesh Jhunjhunwala’s Rare Enterprises purchased shares in Zee Entertainment Enterprises on Tuesday.

BofA purchased 4.86 million shares (0.51 percent interest) for Rs 114.9 crore at Rs 236 a share, while Rare purchased 5 million shares (0.52 percent stake) for Rs 110.2 crore at Rs 220 per share.

highlights

Bofa owned 1.03 percent of Zee at the conclusion of the June 2021 quarter.

BofA purchased 4.86 million shares (0.51 percent interest) for Rs 114.9 crore at Rs 236 a share

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Both transactions took place on the NSE, with Zee shares worth more than Rs 5,200 crore changing hands. Zee’s stock gained 40% on Tuesday, closing at Rs 261.7. The stock hit an intraday high of Rs 270.9.

Bofa owned 1.03 percent of Zee at the conclusion of the June 2021 quarter. Rare’s name did not appear on the public shareholders list, which only includes the names of individuals who own at least 1% of the company.

The surge in Zee shares comes after Invesco (previously Invesco Oppenheimer) and OFI Global China Fund, which together own 17.88% of Zee, asked for an extraordinary general meeting to remove Subhash Chandra’s son Punit Goenka from the company’s board of directors.

ZEEL stated in a regulatory filing on Monday that the investment firms also demanded the resignation of two independent board members, Manish Chokhani and Ashok Kurien.

ZEEL also said in a separate filing that independent board members Chokhani and Kurien resigned from the board on Monday evening.

Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Addepalli, and Gaurav Mehta are among the investment companies’ nominations for the company’s board of directors.

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