Zee Entertainment Enterprises on Thursday said that OFI Global China Fund LLC has consolidated its stake in the media company with the acquisition of an additional 1.37 crore equity shares.
OFI Global China Fund LLC, which already holds 8.7% stake in Zee Entertainment Enterprises Ltd, has acquired over 13,749,266 crore additional equity shares amounting to 1.431% stake in the media company.
“Pursuant to this acquisition, the shareholding of the acquirer (OFI Global China Fund LLC) along with persons acting in concert with it has increased by 2% of the total shareholding of the company from the last disclosure made for the acquisition on September 9, 2019.” Zee Entertainment Enterprises said in a regulatory filing.
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Following the acquisition the shareholding of OFI Global China Fund LLC increased to 10.99%, the filing added.
Meanwhile, Cyquator Media Services Private Limited, a promoter entity of Zee Entertainment Enterprises, has sold 79,912,915 shares of the media company.
“Out of aggregate quantity of 79,912,915 shares sold, 13,749,266 shares have been sold off market on November 25, 2019, to OFI Global China Fund LLC and balance shares have been sold on market by Cyquator and/ or the Lenders,” a separate regulatory filing added.
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On November 25, Subhash Chandra had resigned as the chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL).
In September, the group had sold 11% stake in ZEEL to Invesco-Oppenheimer fund for over ₹4,224 crore and then retired debt worth ₹4,000 crore.
Atlanta-based Invesco holds 7.74% stake in ZEEL since 2002.