Shares of Zee Entertainment Enterprises Limited (ZEEL) slumped as much as 2.4 per cent on Thursday after investment firm Invesco announced that it is divesting up to 7.8 per cent of its stake in ZEEL.
At 1:31 pm, the shares of ZEEL were down 1.3 per cent at Rs 286.
Invesco on Wednesday announced that three funds managed by its developing markets team, including Invesco Developing Markets Fund, will sell over 7.8 per cent of the share capital of ZEEL to align exposures to the firm with other funds managed by the team.
According to a PTI report, after the proposed sale, the three funds managed by its developing markets investment team will continue to own in aggregate at least 11 per cent of ZEEL.
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Notably, Invesco is the single-largest shareholder in ZEEL. The investment firm said that the deal with Sony which ZEEL announced last month has great potential for ZEEL shareholders.
