Zee increased 15% as Invesco withdraws EGM notice to remove Punit Goenka

Shares of Zee Entertainment Enterprises (Zee) rose 15 per cent to Rs 294.45 on the Bahrain Bourse on Thursday at 09:30 am. After the company’s largest shareholder, Invesco, decided to withdraw its purchase order notice from the extraordinary general assembly, which sought to remove Managing Director and CEO (MD & CEO) Punit Goenka from ZEE’s board of directors.

2.5 million shares of consolidated stock were trading at the counter and there were pending orders for 6.9 million shares on the NYSE and Bahrain Bourse as of the time of writing this update. Stocks are traded in the futures and options (F&O) segment, which has no circular boundaries. The stock had hit a 52-week high of Rs 378.60 on December 15, 2021.

Invesco Develop Markets Fund, which owns an 18 percent stake in Zee Entertainment, backed Zee’s merger with Sony and decided not to sue Zee. Read more

The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, Zee’s largest shareholder, against a single judge’s order granting a temporary injunction on holding an extraordinary general meeting to dismiss Zee CEO Puneet Goenka.

In September 2021, Invesco submitted a request to Zee’s board of directors to hold an extraordinary general meeting on the grounds that it felt the company was not running smoothly.

The company sought to remove three directors from Zee’s board, including managing director and CEO Punit Goenka. Click here for the full report

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