Veteran investor Rakesh Jhunjhunwala’s Rare Enterprises on Tuesday brought shares of Zee Entertainment Enterprises through a wholesale deal on the National Stock Exchange (NSE) amid turmoil in the board room of ZEEL.
Jhunjhunwala’s company, popularly known as Big Bull, bought 50 lakh shares of ZEEL ₹220.40 per share, according to an NSE filing, on a day when its shares rose 40% to a record daily profit after top shareholders called for a management reshuffle, which also called for the exit of its chief executive from the board. Included.
Zee said late on Monday, shareholders Invesco Developing Markets Fund and OFI Global China Fund, which hold 17.88% stake in Zee, called for the removal of CEO Puneet Goenka and two others as directors.
The investors also asked for the appointment of several independent directors in the media and entertainment company.
Zee, which has a presence in television broadcasting and digital media with brands such as Zee TV, said it was investigating the letter.
The investment firms have also sought the appointment of six of their own nominees on the company’s board – Surendra Singh Sirohi, Naina Krishna Murthy, Rohan Dhamija, Aruna Sharma, Srinivasa Rao Adepally and Gaurav Mehta.
Invesco and OFI Global China have also attached relevant declarations and information required from each proposed independent director to obtain approval from the Ministry of Information and Broadcasting (MIB) when making changes.
BofA Securities Europe was another large investor that bought the broadcasting company’s shares today. BofA Securities bought 4.86 million shares of the company for Rs. 236.2 each through a wholesale deal on the NSE.
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