The Singapore government and Monetary Authority of Singapore have sold almost one per cent of their total holding in Zee Entertainment Enterprise (ZEEL) to 5.93% for an estimated sum of over ₹186 crore by selling shares in the open market.
According to a regulatory filing by the company, GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) sold a total of 93.30 lakh shares, amounting to 0.97% stake in ZEEL on August 20.
While GOS sold 56,76,912 shares aggregating 0.59% stake, MAS sold 36,53,266 shares accounting for 0.38% shareholding, the company said.
Based on the closing price of ₹199.45 per share on BSE on the day of share sale, the transaction is estimated to be valued at over ₹186 crore.
Prior to sale, GOS held 4.81% stake, while MAS’ stake stood at 2.10% aggregating to a total of 6.91%, as per the filing.
Last week, ZEEL had reported a consolidated net profit of ₹29.28 crore for the first quarter ended June 30, 2020, as against a net profit of ₹529.76 crore in April-June quarter a year ago.
Its total income during the quarter under review was ₹1,338.41 crore. It was ₹2,112.03 crore in the corresponding quarter last year. According to the company, the impact on earnings was primarily due to restrictions caused by COVID-19 on business activities.
Shares of ZEEL were trading 3.07% higher at ₹198.05 apiece on BSE.
