BUSINESS

Zee Ent, BofA Extends Rally as Jhunjhunwala Zooms 54% in 2 Days

Zee Entertainment Enterprises (ZEE) shares had continued their upward journey after ace investor Rakesh Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA bought shares of the company worth over Rs 225 crore through open market transactions on Tuesday.

The stock surged 10 per cent to hit a fresh 52-week high of Rs 287.70 on the NSE in intraday trades on Wednesday. The stock of the broadcasting and cable TV operator has been trading at its highest level since January 2020. It trades in the futures & option (F&O) segment, which has no circuit limits.

On September 14 2021, Rare Enterprises bought 5 million equity shares of Zee Entertainment at Rs 220.44 per share through bulk deal transactions on NSE. BofA Securities Europe SA, meanwhile, purchased 4.86 million shares at an average price of Rs 236.2 apiece, the NSE bulk deal data shows. The names of the sellers were not ascertained immediately.

In the past two trading days, the market price of Zee Entertainment has zoomed 54 per cent after Inv­esco Developing Markets Fund and OFI Global China Fund LLc, which own a combined 17.88 per cent of the company, called for an extraordinary shareholders’ meeting to remove Punit Goenka (promoter) as director. They also called for the removal of two non-executive directors Manish Chokhani and Ashok Kurien, who resigned on Monday. Additionally, they have sought the appointment of six independent directors on the board.

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