There is an update related to Zee-Invesco boardroom battle and the stock is gaining on the hope of a positive court order as Bombay High Court has reserved its order. Now, the Street is awaiting clarity on the way forward for Zee Entertainment.
In October last year, the High Court had granted an injunction in favour of Zee and restricted Invesco from acting on his requisition to call an extraordinary general meeting (EGM). This EGM was asked to pull off Punit Goenka, managing director and chief executive officer of Zee Entertainment, and recast the current board.
Invesco and OFI Global China Fund together hold a 17.8 percent stake in the company, being the largest shareholder. Now, it's all about the Sony-Zee deal going ahead. Management had earlier indicated that regulatory approval for Sony-Zee deal would come by the second half of this calendar year.
Zee Entertainment had cooled off from its 52-week high levels by almost 30-32 percent and down 20-22 percent so far this year, and now trades at 14 times one year forward.
Watch the accompanying video of CNBC-TV18’s Nupur Jainkunia for more details.
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