Zee Entertainment share price surges after Rakesh Jhunjhunwala and BofA Securities buy stake

ZEEL share price: After surging 40.06 per cent on the National Stock Exchange (NSE) on Tuesday, the stock rallied another 14.99 per cent in the intraday trade on Wednesday to hit a 52-week high of Rs 300.75 on the NSE.

Rakesh Jhunjhunwala, Rakesh Jhunjhunwala Zee Entertainment, Rakesh Jhunjhunwala ZEEL stake

Billionaire investor Rakesh Jhunjhunwala. (Express archive photo)

Shares of Zee Entertainment Enterprises (ZEEL) have been on a bull run over the past two trading sessions after ace investor Rare Enterprises Ltd and BofA Securities Europe SA bought shares of the company worth over Rs 225 crore through open market transactions.

After surging 40.06 per cent on the National Stock Exchange (NSE) on Tuesday, the stock rallied another 14.99 per cent in the intraday trade on Wednesday to hit a 52-week high of Rs 300.75 on the NSE. The scrip has jumped as much as 60.96 per cent from Monday’s close of Rs 186.85.

On Tuesday, Rare Enterprises bought 50 lakh scrips at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA purchased 48.65 lakh shares at an average price of Rs 236.2 apiece.

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Rare Enterprises’ purchase value stood at Rs 110.22 crore while that of BofA Securities Europe SA was Rs 114.92 crore.

BofA Securities Europe SA – Odi is a public shareholder of Zee Entertainment and held 1.03 per cent stake at the end of the June 2021 quarter.

The sharp rally on Tuesday was initially triggered after two investment firms – Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and its subsidiary OFI Global China Fund LLC had sought the removal of the current Managing Director Punit Goenka and two Independent Directors from the board of the company.

However, two independent directors, Ashok Kurien and Manish Chokhani, resigned from the board on Monday ahead of the EGM, which was scheduled for Tuesday.

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Two investment firms, together accounting for 17.88 per cent of the paid-up share capital of ZEEL.

–with PTI inputs

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